With Deadline Looming, Brown Outlines Senate Plan To Avoid Sequester While Reducing The Deficit And Preserving Critical Resources

Senate Plan Would Replace The Sequester With Mix of Spending Cuts and Targeted Revenue Increases That Doesn’t Threaten Our National Security, Disproportionately Burden Those Who Serve Our Nation, or Undermine Medicare and Social Security

Earlier this Week, the White House Released a Fact Sheet Detailing the Impact of Potential Cuts on Ohio Families and Small Businesses

 

WASHINGTON, D.C. – With a March 1st deadline looming, U.S. Sen. Sherrod Brown (D-OH) outlined the Senate plan to avoid the sequester cuts while still reducing the deficit and preserving critical programs. Across-the-board spending cuts are slated to take effect on Friday, March 1 unless a deal is reached to avert the scheduled sequester. Earlier this week, the White House released a report on the potential impact of sequestration on Ohio that can be found here.

"Although we have to make cuts, they must be done in a responsible way that does not threaten our national security or disproportionately burden those who serve our nation—whether it’s in uniform or in the classroom,” Brown said. “Senate Democrats have chosen a responsible, balanced approach that would avoid sequestrations’ drastic cuts. That’s why I am supportive of the plan that includes a mix of spending cuts and increased revenue that would allow our first responders and teachers to keep their jobs; would not result in slashes to Medicare; and will maintain the strength of our national defense and military preparedness.”

The American Family Economic Protection Act, which will be voted on this week, would avert the $110 billion in automatic spending cuts. The legislation includes more than $55 billion in additional revenue by ending tax breaks for shipping jobs overseas, closing an oil industry tax loophole, and making sure that everyone pays their fair share. In addition, the bill includes $55 billion in targeted spending cuts—including incremental reductions in the overall level of defense spending along with reductions in agriculture subsidies and ending direct payments.

 

Below is a snapshot of the bill:

Summary of American Family Economic Protection Act

 

Spending Cuts

Defense Savings

$ 27.5 Billion

Agriculture Savings

$ 27.5 Billion

Total

$55 Billion

Revenue Measures

Buffett Rule

$53.6 Billion

Ending Tax Breaks for Shipping Jobs Overseas

$160 Million

Closing Oil Industry Loophole

$1.7 Billion

Total

$55.5 Billion

A full summary of the American Family Economic Protection Act is available here.

 

###

Press Contact

(202) 224-3978