The Balancing Act, submitted by Representatives Keith Ellison and Raúl M. Grijalva, is the only budget proposal that creates jobs and avoids the crippling sequester. It is also the only proposal that balances 50/50 spending cuts with new revenue. Specifically, it would:
1. Maintain the $1.7 trillion in spending cuts created by the 2011 Budget Control Act's spending caps
2. Maintain the more than $700 billion in revenues generated by the tax cliff deal at the end of the last Congress
3. Replace the nearly $1 trillion sequester with new revenue generated by closing loopholes and deductions
4. Cut defense spending by nearly $300 billion, which would then be spent on creating jobs by investing in our infrastructure.
More details: http://cpc.grijalva.house.gov/balancing-act/