Tracker Updated With Two Plans From Last Week
We have updated our tracker of recommendations to the Super Committee with two plans that came out last Wednesday.
The first is by the Congressional Black Caucus, who sent a letter endorsing their alternative FY 2012 budget that came out in April. That budget relies mostly on revenue increases for deficit reduction: slapping a 5.4 percent surtax on millionaires, taxing capital gains as ordinary income, and enacting a financial speculation tax. There are also a number of base-broadening measures, and the inclusion of a public option in the health insurance exchanges. Additionally, they include a number of discretionary spending increases (relative to the President's FY 2012 budget) that total about $520 billion over ten years. The total amount of deficit reduction is $3.4 trillion relative to the President's budget (it's not clear how much it would be relative to current policy).
The second comes from Sen. Tom Carper (D-DE) representing the Federal Financial Management Subcommittee. The letter includes six different pieces of legislation that Sen. Carper has offered to address issues in the Subcommittee's jurisdiction. Specifically, these proposals involve reforming the Postal Service, reducing the tax gap, increasing Medicare and Medicaid program integrity efforts, reducing improper payments, and improving federal property and technology management. These recommendations are more targeted towards increasing government efficiency than significantly reducing the deficit.