Liberal Dems claim the plan eliminates deficit by 2021

WASHINGTON – As the focus on Capitol Hill shifts to America's long-run fiscal woes, Congressional progressives are one step ahead of the White House and Democratic leaders in offering a counter-proposal to the House GOP approach.

The broad sketch proposes to end the Bush-era tax cuts on high income earners, enact a surtax on millionaires and billionaires, increase the the estate tax and eliminate corporate tax loopholes and subsidies for oil and coal companies. It also aims to create a public health insurance option, end the wars in Iraq and Afghanistan, and invest $1.45 trillion in "job creation," energy, housing and education programs.

The revenue-heavy proposal (PDF) stands in stark contrast to the spending cuts-oriented plan put forth by House Budget Committee Chairman Paul Ryan (R-WI) -- and championed by GOP leaders -- that slashes $6 trillion in federal programs (including Medicare and Medicaid) while significantly reducing taxes for wealthy Americans and corporations.