As Democrats and Republicans continue to negotiate over the contours of a fiscal deal, many Democrats have propositioned the idea that any agreement should include a ratio of cuts-to-revenue of 2-to-1. This is a model that President Obama chose for his most recent budget request, for example.
But 2-to-1 isn’t balanced. Balanced means at least equal parts cuts and revenue. Progressive Senator Tom Harkin (D-IA) has stepped up to the plate and unveiled a new petition to Obama that not only calls on him to reject damaging cuts to Medicare, Medicaid, and Social Security benefits, but also assure a 1-to-1 ratio of cuts to revenue in any deal:
Senator-elect Elizabeth Warren (D-MA) has a credible approach to dealing with the deficit over the long term that lays out specific cuts to wasteful spending as well as making the rich pay their fair share in taxes.
Here’s her alternative, truly “balanced approach” to tackling the deficit. During a campaign debate, she laid out a popular vision for dealing with the debt: cut back on wasteful military and agriculture subsidy spending, and make the rich pay their fair share with higher tax rates. Watch Warren explain: