Biden’s “excessive” budget proposal to drive national debt to $51 trillion over the next decade
03/12/2023 / By Belle Carter
If President Joe Biden’s $6.9 trillion budget proposal for the fiscal year 2024 gets approved, the gross national debt could skyrocket to $51 trillion by 2033 – nearly $20 trillion more than its current level of roughly $31.5 trillion.
The public policy organization Committee for a Responsible Federal Budget (CRFB) warned that the portion of debt held by the public would jump by $19 trillion to $43.6 trillion in the next decade. This means that more American taxpayers’ dollars will be funneled toward interest payments on past spending rather than funding necessary projects in the future.
“At $6.9 trillion, spending next year would be higher than any time during the pandemic and about $2.5 trillion above the pre-pandemic level, representing growth of 55 percent,” CFRB President Maya MacGuineas said, noting that Biden’s expenditure projections are too “excessive.”
On Thursday, March 9, Biden defended his budget on Twitter, saying it would be beneficial to the middle class.
“With my budget, we can reduce child poverty and increase child opportunity,” Biden added. “To support working parents, my budget expands access to affordable, high-quality child care for millions of families. And it invests in paid family and medical leave, so we will no longer be the only major economy without national paid leave.”
Biden’s latest spending proposal called for $5.5 trillion in tax hikes in the next 10 years to offset the cost of increased defense spending, a pay bump for federal workers, climate change-related initiatives and extending Medicare benefits.
“This budget does not go nearly far enough to make reining in our dangerous debt levels a top national priority,” MacGuineas commented.
Since Biden assumed office in 2021, the White House has already signed off on more than $5 trillion in new debt tied to legislation and executive orders, including the “Inflation Reduction Act” that passed along party lines last year.
Biden’s spending proposition a direct challenge to House Speaker Kevin McCarthy
During a recent speaking engagement in Philadelphia, where he revealed his playbook for an expected 2024 re-election bid, Biden challenged his Republican critics on fiscal responsibility. He also declared his plans to cut U.S. deficits by nearly $3 trillion in the next decade by raising taxes on the wealthy ones who are earning more than $400,000 a year.
“For too long, working people have been breaking their necks. The economy’s left them behind – working people like you – while those at the top get away with everything,” Biden told Pennsylvania blue-collar workers, a group he also targeted in his 2020 presidential campaign. Biden plans to fund higher spending and narrow the deficit by imposing a 25 percent minimum tax on billionaires and nearly doubling the capital gains tax from 20 percent, the White House said.
According to Reuters, the budget is also a political statement that directly challenged Republican House Speaker Kevin McCarthy. The solon threatened to block any increase in the $31.4 trillion government debt limit unless Biden agrees to minimize his federal spending. (Related: NY Rep. Tenney: Biden should slash federal spending amid debt ceiling battle.)
As a response, Biden announced that he is ready to meet with the speaker anytime. “Lay it down, tell me what you want to do. I’ll show you what I want to do, see what we can agree on,” the president said. McCarthy and other GOP lawmakers described Biden’s budget plan as “reckless.”
Follow DebtBomb.news for more news on the ballooning U.S. government debt.
Watch the video below where Attorney Kash Patel discusses Biden’s defense budget proposal.
This video is from the NewsClips channel on Brighteon.com.
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