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Watchdog: Joe Biden’s Budget Would Lead To “Record” National Debt



Joe Biden introduced his budget on Thursday.
As expected it was a complete disaster.


National Review reported:
President Biden’s sprawling $6.4 trillion budget released on Thursday is best viewed as a political messaging exercise. With Republicans in control of the House of Representatives, the proposal was dead even before arrival. But the annual ritual of the president delivering a budget request to Congress was a useful opportunity for Biden to stake out ground in the bitter standoff over next year’s spending levels and the raising of the debt ceiling.
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However, were we to judge Biden’s proposal as an actual effort in addressing U.S. fiscal problems, it would be an abject failure. The top-line numbers are that Biden’s proposal would raise taxes by $5.5 trillion and boost spending by $2.2 trillion over the next decade, as compared with the Congressional Budget Office baseline. While Biden claims $3 trillion in deficit reduction, this is measured against a baseline that was already inflated by the first two years of extravagant Biden spending. In February 2021, just after Biden was sworn in, CBO projected deficits of $14.5 trillion from 2021 to 2031. If adopted, the Biden policies would produce deficits of $18.9 trillion over the same period.
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More specifically, Biden’s budget is a familiar collection of left-wing tax and spending policies, many of which were too radical to pass even when Democrats had full control of Congress. Biden wants to not only hike corporate taxes, but move toward a global tax scheme in hopes of pressuring foreign countries to raise their taxes to limit the exodus of companies from the U.S. He proposes to raise the top marginal income-tax rate back to nearly 40 percent while increasing taxes on capital gains. He would raise to 5 percent a surtax on investment income originally intended to finance Obamacare and claim it as a new plan to shore up Medicare. The tax would also be expanded to impact small businesses.
The Biden proposal also includes left-wing wish-list items on health care, housing, and “environmental justice.” When Obamacare was passed, its raft of regulations drove up the price of insurance, making it unaffordable to those who didn’t qualify for subsidies. Under Biden, the Democratic Congress voted twice to temporarily expand the subsidies, and the budget would make those enhanced subsidies permanent. Biden also wants to expand Medicaid as well as offer new or expanded subsidies for child care, housing, community college, and clean energy.
A watchdog warned that Joe Biden’s budget will lead to a “record” national debt.
According to the Committee for a Responsible Federal Budget, “This budget falls well short of the deficit reduction needed to put the nation on a sustainable fiscal path.”
Fox News reported:
President Biden’s newly proposed budget for the 2024 fiscal year will lead to a “record” national debt, a watchdog has warned.
The Biden administration submitted the new proposal on Thursday, which outlines the president’s economic, education, climate, and healthcare goals across the next decade. But, the Committee for a Responsible Federal Budget warns the budget would result in the country’s debt rising from 98 percent of GDP at the end of 2023 to 106 percent by 2027 and then 110 percent by 2033.
According to their analysis, despite some attempts at deficit reduction, nominal debt would nearly double, growing from $24.6 trillion to $43.6 trillion over the next decade.
“Debt under the President’s budget would grow to a new record as a share of the economy over the next decade,” the CRFB wrote in an analysis.
“This budget falls well short of the deficit reduction needed to put the nation on a sustainable fiscal path,” the watchdog continued. “We are disappointed that the spending cuts in this budget – given the massive spending growth in recent years – amount to less than 1 percent of the budget and are coupled by four times as much in spending increases. We are pleased the budget begins to address Medicare but extremely disappointed it neglects Social Security, putting seniors’ benefits at risk.”
Republicans should not support this budget!

Watchdog: Joe Biden’s Budget Would Lead To “Record” National Debt (protrumpnews.com)