Van Hollen Introduces House Democratic Sequester Replacement
Today Maryland Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, issued the following statement on the introduction of the Stop the Sequester Job Loss Now Act, the House Democratic proposal to replace the sequester through the end of Calendar Year 2013:
“House Republicans may be content to let the sequester happen at the end of this month – despite the fact that CBO estimates it will cost 750,000 jobs in this year alone – but House Democrats have introduced a balanced plan today to avert these harmful cuts. Our plan makes specific policy choices to reduce the deficit in a balanced way, with a mix of spending cuts and revenue increases. It stands in stark contrast to the GOP’s refusal to even offer a plan this Congress or come to the table to negotiate.
“After being denied a vote on sequester replacement options on the floor four times by House Republicans, we have offered stand-alone legislation and urge immediate consideration. If we fail to act, American families, small businesses, and our economy will pay the price.”
The balanced plan, consistent with the Senate proposal, contains $120 billion in deficit reduction and averts the sequester through the calendar year. It includes the Buffett Rule to reduce the deficit without hitting working families and cuts unnecessary subsidies for agriculture and Big Oil. When combined with the Budget Control Act and other measures, it brings the deficit reduction ratio to two-thirds spending cuts and one-third revenue increases. To read a summary of the legislation, click here.