"House Republicans continue to press on a budget that benefits the wealthiest Americans at the expense of those who are most vulnerable," said Rangel. "They are hanging the security of America's families in the balance. These issues are solvable and we cannot afford any more uncertainty or inequity at this time of economic instability. It is time to work together and get the job done on a responsible, balanced plan to create jobs, strengthen the middle class, and responsibly reduce the deficit.""
The Ryan-Republican budget attempts to balance the budget in a decade by implementing the sequester's across-the-board cuts and reducing spending by $5.3 trillion through 2023. This is accomplished with no new tax revenue and in large part by rolling back many of President Obama's signature legislative accomplishments. It will result in two million fewer American jobs next year alone, decrease GDP 1.7 percent, and stall the nation's recovery.
The Ryan-Repubican plan would cut the top marginal income tax rate, which the wealthiest Americans pay, to 25 percent from 39.6 percent, depriving the government of considerable tax revenue. It could raise taxes on middle class families with children by more than $3,000 per year to pay for these tax cuts. It would also spend $5.3 trillion less over that time, largely by repealing healthcare coverage expansion under the Affordable Care Act. This is accomplished by scaling back Medicare benefits and slashing discretionary spending including food stamps, housing assistance, and the earned-income tax credit.
"The budget is a moral document of our nation's priorities. And we have an obligation to protect the poor, the elderly and the sick." Rangel continued. "There is no need for Americans to go hungry, struggle to finance college, or lose health care benefits while the wealthy get away without paying their fair share. The American people made their choices clear during the 2012 elections: The Republican budget is not right for America."
The automatic across-the-board spending cuts took effect on Friday, March 1st. They have hurt a range of discretionary spending actions including keeping military bases open, research and development, and paying salaries. New York will lose about $884,000 in funding for job search assistance, referral, and placement, meaning around 46,230 fewer people will get the help and skills they need to find employment.