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campaign to fix the debt

Corporations Pushing For ‘Grand Bargain’ Would Get As Much As $134 Billion From it

A screenshot of the Fix the Debt campaign’s logo.

As you read this, powerful corporations are working with groups like the Campaign To Fix The Debt are pushing Congress and President Obama to pass a “Grand Bargain” that would include cuts to corporate tax rates and Social Security and Medicare benefits.

We shouldn’t beat around the bush as to why these corporations are doing this. They want to see this deal enacted so that they can make billions of dollars from reduced taxes while Americans are asked to sacrifice their Social Security and Medicare benefits.

The Institute for Policy Studies (IPS) just released a report looking at some of the corporations that support the Campaign To Fix The Debt — such as Microsoft, General Electric, and Goldman Sachs — and what they would gain if the “Grand Bargain” they seek were to be passed.

The IPS report concludes that if one of the tenets of the corporate plan — a proposed territorial tax system that would exempt foreign earnings from U.S. taxes — were passed, the 63 publicly held companies backing the Fix The Debt campaign would get as much as $134 billion.

It’s time for the media and politicians to stop taking the Campaign To Fix The Debt seriously. It is obvious that the group is being backed by powerful corporations because its recommendations would make them money, not because it has any serious solutions for our debt or the economy.


Why Is Helping Bankers Cut Your Social Security?

When was founded in 2007, it was engineered to be a platform for the voiceless to quickly organize for a cause and win battles for progressive change. Indeed, the organization has helped people stop foreclosures of their homes, and has been involved in much positive change.

But it fell under controversy recently when it was revealed that it would start allowing corporate, Republican, and other organizations and causes to use its list-building tools. It is a for-profit corporation and these sources would allow it to expand its revenue stream.

The so-called “Campaign To Fix The Debt” is using tools to get members and build its e-mail list. Recall that the Campaign To Fix The Debt is a group run by corporate CEOs and bankers that is trying to cut Social Security and lower corporate tax rates.

The group is running a petition on Change’s site calling on Congress to endorse the Bowles-Simpson plan to cut Social Security and corporate taxes. In the three months the petition has been up, it has gained 255,846 supporters.

If you go to the Campaign To Fix The Debt’s website, you’ll see that it brags of having over 300,000 signatories to its petition:

Put two and two together and you’ll see that it appears that almost the entire membership list of the Campaign To Fix The Debt comes from’s petition tool.

Progressive organizations and grassroots activists who have been utilizing should be wary about the organization’s tentative alliance with this CEO-led group that is trying to cut Social Security while lowering the corporate tax rate.

We won’t compromise our values. Sign up to join our e-mail list using the tool below this post or …