What is in this article?:
- Congressional Budget Office: Budget and Economic Outlook: An Update
- Education and Skills for American Workers
- Build America: A 21st Century Infrastucture
Build America: A 21st Century Infrastucture
♦ A six-year, $476 billion surface transportation reauthorization bill – expanded to include inter-city passenger rail – to create thousands of new jobs and modernize a critical foundation of our economic growth.
> Fully paid for through current user-financed mechanisms and part of the savings from ending the war in Iraq and winding down operations in Afghanistan.
> Get the most out of taxpayer dollars through: a “fix-it first” policy, consolidation of 55 duplicative highway programs into five, and using a Race to the Top-style competition to bring about reform.
♦ National Infrastructure Bank to fund projects of national importance.
♦ Build a next-generation, wireless broadband network for public safety users.
>Plan is fully paid for, and the sale of spectrum provides nearly $21 billion for deficit reduction.
American Values: Everyone Pays Their Fair Share
♦ Calls for individual tax reform that: cuts the deficit by $1.5 trillion, including the expiration of the high-income 2001 and 2003 tax cuts; simplifies the tax code, lowers tax rates and protects progressivity; eliminates inefficient and unfair tax breaks for millionaires while making all tax breaks at least as good for the middle class as for the wealthy; and observes the Buffett Rule that no household making more than $1 million a year pays less than 30 percent of their income in taxes.
♦ Scores of cuts and consolidations including more than $7.5 billion in administrative savings.
♦ Financial Crisis Responsibility Fee on largest financial institutions to fully compensate taxpayers for their extraordinary support. Raises $61 billion over 10 years and is intended to offset cost of TARP and the President’s mortgage refinancing program.
♦ More than $360 billion in savings to Medicare, Medicaid and other health programs over 10 years to make these programs more effective and efficient and move our health system to one that rewards high-quality medicine.
♦ $278 billion in non-health mandatory savings through reforms in areas such as: agriculture subsidies and direct payments, federal civilian worker retirement and the PBGC.
♦ Implements the new defense strategy to spend $487 billion less in the Department of Defense’s base budget than was planned in last year’s Budget. Overall defense budget, including overseas contingency operations, is 5 percent below last year’s enacted level.
Editor’s note: For those of you who can’t get enough of heavy-handed economics language or refrain from mind-numbing numbers, visit the Office of Management and Budget at www.whitehouse.gov/omb. It is a cornucopia of statistical information that presents the macro and micro reality of our economic well-being.