House sinks Progressive Caucus budget

The House debated the CPC budget late Wednesday, which heard House Democrats support their proposal for higher taxes on the wealthy and corporations to help fund expanded federal priorities.

"We need to invest in human capital, education, first-class infrastructure and cutting edge technologies," Rep. Mike Honda (D-Calif.) said. "This is the kind of thinking that built a successful economy in the past, and it is the real roadmap to prosperity."

But Republicans rejected the CPC budget as a plan that ignores the fiscal crisis.

"The difference between the two is that the Republican plan reduces the deficit by reorganizing our government services in a much more efficient and streamlined structure, saving trillions of dollars, while the Progressive Democrats would radically increase spending, supported by $6.8 trillion in new taxes over the next decade," said Rep. Tom McClintock (R-Calif.).

Following the CPC vote, the House was due to debate two last budget alternatives before likely approving the one put forward by House Budget Committee Chairman Paul Ryan (R-Wis.) — one from ranking Budget Committee member Chris Van Hollen (D-Md.) and one from the Republican Study Committee.