For weeks, we’ve been listening to a back and forth debate about how Congress should move forward in addressing the nation’s projected budget deficit.
We’ve heard about the Ryan budget plan, supported by New Mexico Congressman Steve Pearce.
In it, major cuts would be made to Medicare and Medicaid, as well as to infrastructure spending and funds for Pell Grants for college tuition. Despite these cuts, the Ryan plan would add $6 trillion more to the national debt over the next ten years before it would begin to start paying it down.
That’s because, under the Ryan plan, the cuts to the social safety net and other programs are necessary to pay for more tax reductions for the rich — to the tune of $125,000 for individuals who have an annual income of more than $1 million a year.
We’ve also heard quite a bit about President Obama’s proposal. Compared to Ryan’s plan, it advocates a more balanced approach that would include negotiated cuts while making the rich pay their fair share on the revenue side.
But, there is a third proposal that hasn’t received as much attention in the mainstream media. It was prepared by the Progressive Caucus and is being called “The People’s Budget.” Watch this 90-second summary.