Over the CBC’s five year proposal, the CBC budget allocates $80 billion more for education and job training than the Republican budget and $20 billion more for healthcare, $20 billion more for veterans services, $6 billion more for community development (including restoration of the Gulf Coast after Hurricane Katrina) and billions more for nutrition and food programs, home ownership and energy programs, juvenile justice and gang prevention and scientific research. At the same time, the CBC budget reaches balance in five years while the Republican budget proposal would leave the country still deeply in deficit ($163 billion) at the end of five years.

"The CBC budget focuses on closing disparities in America’s communities and restoring fiscal responsibility to the federal process," said Rep. Watt, CBC Chair.  "We are saying that, for the CBC and for America, programs and initiatives that close dramatic disparities in education, health care, economic opportunity, justice, retirement security and foreign policy should have a much higher priority than giving additional tax cuts on individual income of over $200,000 per year. These priorities will make it possible for African Americans and all Americans to reach their full potential."

"The Republican budget funds tax cuts for the wealthy by borrowing billions of dollars and drastically cuts vital services such as education, healthcare and veterans services. We think Americans deserve better," added Rep. Scott.

"The CBC budget accomplishes its goal of reducing the deficit by returning to a responsible tax structure similar to the one during the 90s," Rep. Scott explained further. "At that time, job growth was strong and the stock market was doubling every five years" he said.

The CBC budget gets most of its revenue from not extending the tax cuts passed by the Republicans in 2001 and 2003. However, this would apply only to that portion of an individual’s income that exceeds $200,000.

The CBC budget failed by a vote of 131 - 294.