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CPC Introduces Restore the American Dream for the 99% Act

The Congressional Progressive Caucus (CPC) today introduced the Restore the American Dream for the 99% Act, which creates more than 5 million jobs in the next two years and saves more than $2 trillion over 10 years. The bill implements emergency job creation measures, establishes fair taxation rates, cuts wasteful weapons spending, ends our wars overseas, and strengthens Medicare, Medicaid and Social Security.

According to a new report from the non-partisan Economic Policy Institute, these measures taken together will create more than 5 million jobs over two years.The full report is available at http://bit.ly/uUARKB. Video highlights of today’s press conference rolling out the legislation are available at http://bit.ly/t2sCfC.

“Republicans have spent more time cutting corporate taxes than creating jobs all year, and this bill gets the House of Representatives back to doing the people’s business,” said CPC co-chair Rep. Raúl M. Grijalva(D-Ariz.). “Voters are rightly tired of lawmakers who pretend they’re looking out for the working people of America and then don’t follow through when times are tough. This bill is about putting people back to work directly, not trickle-down economics or corporate bailouts. We need a law as big as the problem it’s trying to fix, and that’s exactly what this is.”

“This legislation puts good jobs for working families, Social Security, Medicare and Medicaid ahead of millionaire tax giveaways, and Wall Street CEO bonuses,” said CPC co chair, Rep. Keith Ellison (D-Minn.). “While Washington Republicans have spent the last year firing American workers, the CPC is working to hire 5 million more. Priorities don’t get much clearer than that.”

Because the Restore the American Dreamfor the 99% Act achieves a larger deficit reduction target than mandated by the Budget Control Act, potential spending caps known as “sequestration” would be eliminated if the bill became law.

The bill is a continuation of the work the CPC has done throughout the 112th Congress, beginning with its People’s Budget alternative in April. The Restore the American Dream for the 99 Percent Act incorporates policy proposals from the People’s Budget and represents the CPC’s most significant job creation legislation effort to date.