President Joe Biden proposed a ludicrous $6.8 trillion budget on Thursday for Fiscal Year 2024. This travesty is a full $1 trillion more than his bloated budget proposal last year and includes substantial tax increases.
There is virtually zero chance that his budget will make it through Congress, and even some Democrats must balk at such a proposal.
The White House predictably claimed the new budget would reduce the deficit by almost $3 trillion over the next decade. How is this accomplished? Raising the overall corporate tax rate to 28% from 21%, quadrupling stock buybacks, and instituting a new billionaire tax.
Biden inherited a $27.7 trillion national debt and has raised it so far up to $31 trillion. The director of the Office of Management and Budget told journalists that there is a clear message to the wealthiest Americans.
Shalanda Young declared, “You have to begin to pay your fair share. We are happy to have that debate.”
President Biden just delivered his budget to Congress, and it is completely unserious.
He proposes trillions in new taxes that you and your family will pay directly or through higher costs.
Mr. President: Washington has a spending problem, NOT a revenue problem.
— Kevin McCarthy (@SpeakerMcCarthy) March 9, 2023
Biden himself claimed he was ready to sit down with House Speaker Kevin McCarthy (R-CA) “tomorrow if he has a budget.” The Democrat asserted that his proposal gives working Americans “a fighting chance.”
Observers believe that the new budget proposal is the clearest reflection of Biden’s political priorities. By all appearances, he is preparing to launch his bid for reelection in 2024, and this budget sets him up for a showdown against congressional Republicans.
Within his proposal is $885 billion in overall defense spending. A hefty slice of this budget is going towards funding Ukraine’s war against Russia, and it also targets the Pentagon’s procurement budget.
Democrats’ pet domestic programs are set to receive roughly $1 trillion in “nondefense discretionary spending” taxpayer dollars.
Biden declared his intent to “shore up” Medicare and “protect” Social Security. To reach these goals he is once again dipping deep into deficit spending — this time to the tune of a $1.8 trillion shortfall next year.
Yet somehow he still managed to claim that the new budget proposal is an attempt to pull in deficits. This assertion, of course, hinges on the alleged $3 trillion in deficit savings to be realized in the next decade.
Of course, none of that will be seen in the near future, if at all.
Biden’s latest budget proposal is dead on arrival. GOP legislators cannot wait to rip this boondoggle apart and expose the pork barrel spending that it is undoubtedly filled with. At that point, serious discussions on a serious and grown-up budget may begin.
