CONGRESSIONAL BLACK CAUCUS FY08 ALTERNATIVE BUDGET
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- CBC FY08 Budget Charts (Click here for PDF) - CBC FY08 Budget Breakdown (Click here for PDF) Thursday, March 29, 2007 FOR IMMEDIATE RELEASE Contact: Joe Leonard, Jr., Ph.D. (202) 226-9776 (202) 309-5088 Congressional Black Caucus Offers Budget Substitute Alternative Budget Advances Priorities of the American People Washington, DC – The Congressional Black Caucus (CBC) presented its alternative budget to the House during debate this morning. The Congressional Black Caucus demonstrated its commitment to strengthen America’s families. “We are proud to present this budget substitute. The budget is fiscally and socially responsible,” said Congresswoman Carolyn Cheeks Kilpatrick, Chairwoman of the CBC. “Our budget addresses the needs of America’s families by funding programs, while reaching a surplus by 2012. The choices were tough.” “I congratulate Congressman Robert Scott, chair of the CBC Budget Task Force, for his hard work,” said Congresswoman Kilpatrick. “As a member of the House Budget Committee, he understands the importance of balancing the budget while ensuring that the needs of America’s families are met. This budget reflects the values of the people, restores accountability, and rebuilds our communities.” The budget raises revenue by rescinding the tax cuts for the top two income tax rates, for people making over $200,000, rescinding the capital gains and dividend tax cuts, eliminating corporate tax incentives for off-shoring jobs, closes corporate tax loopholes, abusive shelters, and methods of tax avoidance, and closes the tax gap and reinvests these dollars into State Children’s Health Insurance Program (SCHIP) and fully funding No Child Left Behind. The CBC budget uses this revenue to fund programs and services important to the American people. The CBC budget balances the budget by fiscal year 2012 and creates a surplus of $141 billion. Over the next five years, the CBC budget saves $18.3 billion on interest on the national debt. |
