Washington, DC – Earlier this week the Congressional Black Caucus (CBC) again urged President Trump to learn from its “moral and responsible” FY18 alternative budget released in March. Unlike the budget that President Trump released today, the CBC budget protects social safety net programs like Medicaid, SNAP, and Pell Grants and provides other pathways out of poverty. The CBC budget also makes the tax code fairer. Details about the CBC budget can be found here.
From Congressman Cedric Richmond (D-La.), Chair of the CBC:
“President Trump’s budget is based on the ill-advised idea that the poor can pull themselves up by their bootstraps. The truth is that some folks don’t have boots and tax cuts for the wealthy won’t help them buy a pair. A budget that threatens the lives and livelihoods of millions of Americans who, through no fault of their own, depend on social safety net and other federal programs, will not make America great again. This budget is immoral and irresponsible and confirms what then-candidate Trump showed us time and time again – he only cares about people who have bank accounts that look like his. We encourage President Trump, Office of Management and Budget Director Mulvaney and the Administration to learn from the CBC budget, which is moral and responsible and invests in families and our nation’s future. The CBC budget will move every American forward, not just those at the top, all while reducing the national debt.”
In addition to protecting social safety net programs and providing other pathways out of poverty, the CBC budget proposes to make the tax code fairer by closing loopholes for the wealthy, provide universal health care by adding a public option to the Affordable Care Act, and make college more affordable by reducing interest rates on student loans and investing in HBCUs. The CBC budget also reduces the deficit by approximately $2.87 trillion over 10 years compared to CBO’s January 2017 baseline.
From Congressman Bobby Scott (D-Va.), Ranking Member of the House Committee on Education and the Workforce:
“The federal budget must reflect our nation’s priorities. The CBC budget works to strengthen our economy by making meaningful investments in education, transportation and infrastructure, the environment, scientific research, and maintains a strong social safety net that protects our most vulnerable. President Trump’s FY18 budget seeks to cut $4.3 trillion over 10 years from programs that support our most vulnerable and at the same time cuts taxes for the wealthiest Americans. It does not reflect our priorities and is in stark contrast to the budget alternative proposed by the CBC.”
Congressman Scott, former member of the House Budget Committee, developed the CBC budget at the request of Congressman Richmond. Congressman Scott has been developing the CBC budget for the last decade and works with the Democratic staff of the House Budget Committee to finalize it. Read his op-ed about the CBC budget here.
Summary of CBC’s Alternative Budget
Fairer Tax Code – $3.9 Trillion in New Revenue
The CBC budget proposes a fairer tax code in order to meet the critical needs of the nation. Specifically, the CBC budget calls for $3.9 trillion in revenue enhancements over ten years and proposes repealing many tax provisions that favor the richest of the rich. With this additional revenue, the CBC proposes a $1 trillion investment over the next decade to rebuild our nation’s failing infrastructure and revitalize historically underserved communities, while employing millions of hardworking Americans in desperate need of job opportunities.
Universal Health Care – Approximately $23 billion over 10 years
The CBC budget proposes to expand and enhance the Affordable Care Act to ensure universal health care for all Americans. Specifically, the CBC budget calls for the creation of a public health insurance option in the ACA health insurance exchanges, which saves an estimated $121 billion over 10 years.
K-12/Higher Education – Approximately $250 billion over 10 years
The CBC budget proposes to fully fund the Every Student Succeeds Act, the 2015 reauthorization of the Elementary and Secondary Education Act, and invest in making college more affordable and accessible. Specifically, the CBC budget invests in revitalizing HBCUs, reduces interest rates on federal student loans, increases the maximum Pell Grant award by $1,000, and ensures that no student graduates college saddled with unmanageable debt.