While firmly rejecting the Pelosi-Obama-Reid budget, the Center for Fiscal Accountability supports the GOP budget alternative presented earlier today, and will rate a vote in support of this alternative in our annual Congressional ratings. From the vote alert that was sent to Members of the U.S. House of Representatives earlier today:
While the Pelosi-Obama-Reid budget would hike federal spending to unsustainable levels hitting nearly 25 percent of GDP - well above the 40-year average of 20.7 percent – the GOP alternative would bring it down to exactly this average in the last years of the budget window.On the tax side, too, the Republican budget alternative proves to be far superior and would keep taxes below their modern historical levels as a percentage of the economy:Among other things, it prevents a massive tax hike in 2011 by keeping the top rate at 35 percent and the capital gains /dividends rate at 15 percent, while at the same time slashing the corporate tax rate from the highest level in the developed world to a much more competitive 25 percent by broadening the tax base.
In the wake of a series of government bailouts and the trillion dollar spending and debt plan passed under the guise of economic “stimulus,” taxpayers cannot afford the Pelosi-Obama-Reid agenda. The House Budget Alternative lives up to its moniker and provides a “Path to American Prosperity.”
Click here for the pdf version of the alert.