Replace the Austerity Sequester With Reality-Based Budgeting

Of course there's an alternative beyond the false choice of defense cuts vs. entitlements, and of course the Congressional Progressive Caucus has it.
 
Down with Tyranny:

Today, the other kind of Democrat-- 10 of the smartest, most fearless and most dedicated progressives in Congress, Raul Grijalva (D-AZ), Keith Ellison (D-MN), Ed Markey (D-MA), Judy Chu (D-CA), Barbara Lee (D-CA), Jim McDermott (D-WA), John Conyers (D-MI), Jerry Nadler (D-NY), Jan Schakowsky (D-IL) and Yvette Clarke (D-NY)-- proposed The Balancing Act a plan to repeal sequester while achieving balance in long-term deficit reduction between revenue and cuts while investing in job creation-- and paying for the whole thing with savings from balancing defense and non-defense cuts. It's a serious answr to Ryan's unserious demand for failed European-style Austerity.

    THE MATH:

•  Round 1: $1.7 trillion in cuts
•  Round 2: $737 billion in revenue
•  Round 3: The Balancing Act

     * Achieves 1:1 Revenue and Cuts-- by replacing srquester ($948 billion) with revenue

         * Achieves 1:1 Defense and Non-Defense Cuts- by eliminating $278 billion in wasteful         Pentagon spending and investing it in job creation
         * Job investment provisions would create over 1 million jobs

•  Long-term deficit reduction from the three rounds of over $3.3 trillion

REPLACE SEQUESTER WITH REVENUE:

•  28 percent limitation on certain deductions and exclusions ($428 billion)
•  Close carried interest loophole ($17 billion)
•  Close loopholes for jets and yachts ($4 billion)
•  Close international tax system loopholes ($161 billion)
•  End fossil fuel subsidies ($94 billion)
•  Close exclusion of foreign-earned income loophole ($71 billion)
•  Close corporate deduction for stock options loophole ($25 billion)
•  Close Estate Tax loopholes ($23 billion)
•  Close S Corporation loophole ($13 billion)
•  Reduce corporate meal and entertainment deduction to 25% ($70 billion)

INVEST IN JOB CREATION:

•  Making Work Pay extension for one year ($61 billion)
•  Support for teachers and school modernization ($55 billion)
•  Transportation infrastructure investments ($160 billion)

CUT PENTAGON WASTE:

•  Rep. Markey's Smarter Approach to Nuclear Expenditures ($106 billion)
•  Limiting excessive contractor compensation ($50 billion)
•  Relocate troops from Europe to the U.S. ($3 billion)
•  Reduce troops levels 4% by attrition ($48 billion)
•  Limiting the purchase of Virginia-class nuclear subs to one per year ($22 billion)
•  Replacing F-35s with F-18s ($23 billion)
•  Eliminate one Ford-class carrier ($14 billion)
•  End production of the V-22 Osprey ($9 billion)
•  Limit military bands ($2 billion)
•  Reduce General and Flag officers to Cold War standard ($1 billion)

Finally, a serious response to Paul Ryan's very unserious Austerity Agenda. I only have two quibbles. Can we just reduce military bands by $1.5 billion and... well if we reduce corporate meal and entertainment deductions to 25% does that mean there will be no more strip joints and high-priced hookers? And what happens to Spago, Alain Ducasse, Alinea, Joe's Stone Crab and Katsu Ya?