Posted on July 5, 2011

Harry Reid Moves Forward With "Shared Sacrifice" Legislation

Senate Majority Leader Harry Reid (D-NV) files a cloture motion on Senate bill 1323, a "Sense of the Senate" bill on "Shared Sacrifice." Here are the details of this resolution:





SECTION 1. SENSE OF THE SENATE ON SHARED SACRIFICE.



(a) Findings- Congress makes the following findings:



(1) The Wall Street Journal reports that median pay for chief financial officers of S&P 500 companies increased 19 percent to $2,900,000 last year.



(2) Over the past 10 years, the median family income has declined by more than $2,500.



(3) Twenty percent of all income earned in the United States is earned by the top 1 percent of individuals.



(4) Over the past quarter century, four-fifths of the income gains accrued to the top 1 percent of individuals.



(b) Sense of the Senate – It is the sense of the Senate that any agreement to reduce the budget deficit should require that those earning $1,000,000 or more per year make a more meaningful contribution to the deficit reduction effort.