The Balancing Act achieves fiscal balance by calling for one to one Defense and Non-Defense Cuts by eliminating $278 billion in wasteful Pentagon spending and investing in job creation.
An original co-sponsor of The Balancing Act, Congresswoman Barbara Lee said, “Congress cannot continue to write blank checks to underwrite wasteful Pentagon spending, especially at the expense of putting people back to work and investing in our crumbling infrastructure and struggling schools. We must bring an end to waste, fraud, and abuse at the Pentagon, and The Balancing Act is an important step in keeping the wasteful spending in check.”
“There is no reason to continue spending billions on outdated Cold War era weapons programs, and The Balancing Act ensures that we reevaluate unnecessary, bloated Pentagon spending. This type of long-term deficit reduction that The Balancing Act calls for is not only fair, it’s balanced.” Congresswoman Lee said.
The Balancing Act replaces the sequester with revenue from closing tax loopholes, which would achieve a 1:1 balance between cuts and revenue from the last two years of deficit reduction. It would also create over 1 million jobs by investing in infrastructure, teachers, and a one year extension of Making Work Pay, paid for by cutting the amount of wasteful Pentagon spending needed to achieve balance with non-defense cuts.
Congresswoman Barbara Lee is a former Co-Chair of the Congressional Progressive Caucus (CPC) and currently serves as CPC Whip and Chair of the Taskforce on Global Peace and Security.