Courtney statement on start of sequestration
WASHINGTON, DC – Congressman Joe Courtney today released the following statement in response to the start of sequestration's implementation:
"Today is a disappointing day, but, because sequestration's cuts will be implemented gradually, there is still time for cooler heads to prevail. As I have since passage of the Budget Control Act, I continue to call for a balanced and bipartisan approach to deficit reduction that would prevent these sweeping, mindless cuts that will affect every American.
"Yesterday, a broad, bipartisan group in the House banded together to pass the Violence Against Women Act. It is the same coalition that has come together in recent times of crisis to keep our recovery on track and pass critical storm relief. It is also the same coalition that will, in the end, solve this crisis. The sooner Speaker Boehner recognizes that reality, the sooner we can enact the balanced approach the American people overwhelmingly favor."
Over the past three months, Congressman Courtney has voted three times for the House to consider an alternative plan to replace sequester's automatic cuts. The plan would:
- Repeal Subsidies to Big Oil and Gas Companies ($38 billion) – In a time of record oil profits and rising prices at the pump, this bill repeals, starting next year, several costly tax incentives that subsidize the "Big 5" major integrated oil companies
- Implement a "Buffett Rule" ($54 billion) –Starting in 2014, the Buffett Rule is meant to ensure that middle class families will not confront higher effective tax rates than the wealthy. The bill would impose a minimum effective tax rate of 30 percent on adjusted gross incomes above $2 million (and that is phased in for taxpayers with AGI between $1 million and $2 million).
- Refocus farm subsidies ($29 billion) – The agriculture safety net must be better targeted, while continuing to help farmers effectively manage risk. Direct payments – made regardless of yields, prices, farm income or size – are difficult to defend in times of record crop yields and prices.