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Highlights of President Bush's Budget Proposal
WHY PEOPLE? PEOPLE (Public Employees Organized to Promote Legislative Equality) is our federal political action program. PEOPLE is your voice in Washington D.C.. We fight for better wages, job security, safe workplaces, health care, social security and making sure we get our fair share of the federal budget for programs for our members. JOIN PEOPLE TODAY! Call the Political Action Department at 1-800-342-4146 ext 1404 for more information. Pension Reform Legislation The House recently approved pension reform legislation. This proposal would increase the limit on contributions to Individual Retirement Accounts (IRAs) and 401(k) plans. The Bill would allow rollovers of pension assets between public and private sector deferred compensation plans, making them more portable when workers change jobs. Federal Program Cuts The Bush administration is proposing a new set of spending priorities to go with tax cuts. While the overall budget will increase due to large increases in spending for defense and entitlement programs, non-defense programs are projected to decrease by 7.6 percent to meet the reduced revenue estimates. Overall, New York state is projected to receive more than $800 million less than under current law. Program cuts for New York state in 2002 under the Bush budget:
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