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Obama’s post-sequester blueprint

What should the President do now?

Push to repeal the sequester (a reconciliation bill in the Senate would allow repeal with 51 votes, thereby putting pressure on House Republicans), and replace it with a “Build America’s Future” Act that would close tax loopholes used by the wealthy, end corporate welfare, impose a small (1/10 of 1%) tax on financial transactions, and reduce the size of the military.

Half the revenues would be used for deficit reduction, the other half for investments in our future through education (from early-childhood through affordable higher ed), infrastructure, and basic R&D.

Also included in that bill — in order to make sure our future isn’t jeopardized by another meltdown of Wall Street — would be a resurrection of Glass-Steagall and a limit on the size of the biggest banks.

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