Biden’s “fiscally responsible” budget plan for fiscal 2025 requires borrowing $16 TRILLION over the next decade
03/19/2024 / By Ava Grace
President Joe Biden’s proposed budget for the 2025 fiscal year would hike taxes, increase federal spending to unprecedented levels and lock in budget deficits that average nearly $2 trillion annually for the next decade.
The president claims his spending plan will trim deficits by $3 trillion over the next decade. But in reality, according to the Committee for a Responsible Federal Budget, “the level of borrowing under the president’s budget would be unprecedented outside a war or national emergency.” (Related: Biden’s budget request for fiscal 2025 includes $12 billion for student loan forgiveness.)
Biden seeks to spend $7.3 trillion, an 18 percent increase over two years. For perspective, in fiscal 2015, the federal government spent $3.65 trillion, about half the amount this administration proposes to spend next year. (Related: US Senate candidate Jonathan Emord: The Biden administration’s goal is to COLLAPSE the American economy).
Yet the president desperately tries to couch this spending blowout as an example of restraint, bragging about deficit reduction. His own projections, however, call for $16.3 trillion of red ink over the next 10 years and a $1.8 trillion hole in fiscal 2025.
“The price tag of President Biden’s proposed budget, is yet another glaring reminder of this administration’s insatiable appetite for reckless spending,” a House Republican statement argued, adding that the president’s proposal is a “road map to accelerate America’s decline.”
Biden’s budget has no chance of passing Congress due to Republican control over the House of Representatives.
White House claiming its massive spending is fiscally responsible
Possibly the most questionable detail is the fact that the White House is trying to frame all of that as being an exercise in fiscal restraint.
In a “fact sheet” released alongside the budget, the White House touted how the proposal would cut the deficit by $3 trillion over the next 10 years. “Strong and shared growth that benefits all Americans isn’t just good for working families and the economy; it will also lead to better fiscal outcomes,” the administration claims, adding that Biden believes “long-term investments in our nation and its people should be paid for.”
For fiscal year 2025, which begins on October 1 of this year, Biden is asking Congress to spend $7.3 trillion while the federal government will collect just $5.5 trillion in taxes. That will necessitate borrowing $1.8 trillion to make ends meet. Over the 10-year window covered by the president’s budget plan, federal revenues would exceed $70 trillion, but Biden is proposing to spend $86.6 trillion.
The deficit reductions will supposedly come through adjustments to the tax code that target wealthier Americans and cuts to “wasteful subsidies.”
The revision to the tax code would see the corporate tax rate rise from 21 percent to 28 percent. It will also include a 25 percent minimum tax on people with wealth of more than $100 million and deny corporate deductions for all compensation over $1 million for employees. Households that make over $1 million annually would get a marginal rate of 39.6 percent.
“The budget details the president’s vision to protect and build on this progress and deliver on the agenda laid out in his State of the Union by lowering costs for families growing the economy from the middle out and bottom up by investing in all America to make sure the middle class has a fair shot and we leave no one behind,” claimed Shalanda Young, director of the Office of Management and Budget.
Visit GovernmentDebt.news for more stories on government spending and fiscal irresponsibility.
Watch this clip from Fox Business discussing how disastrous Biden’s budget proposals are.
This video is from the NewsClips channel on Brigheton.com.
More related:
DEBT SURGE ALERT: $8.9T government debt to mature, $1.4T budget deficit expected in 2024.
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