BBB Now Stands for Biden's Busting Budget
Posted April 04, 2022
House Republican Whip Steve Scalise:
TOPLINE: Starting on day one, the Biden Administration has prioritized far-left climate and economic policies that have killed good-paying jobs and crippled our economy. Now, President Biden and his socialist enablers in Congress are reaping what they sowed: mounting debt, rising inflation, record-high gas prices, and a downtrodden economy. President Biden's budget proposal speaks volumes about Democrats' disconnect from reality and does nothing to reverse their self-made crises.
Biden's Budget Will Not Reduce the Deficit or National Debt
On Monday [March 28], the Biden White House unveiled its $5.8 trillion budget proposal for Fiscal Year 2023.
Despite the fact that the United States' national debt is over $30 trillion, President Biden is calling for $73 trillion in spending over the next ten 10 years.
This is fiscally irresponsible.
President Biden's budget proposal calls for spending 23.4 percent of the United States' GDP over the next 10 years, the highest sustained spending burden in American history.
Proposed spending in Biden's budget is 66 percent higher than the federal government's expenditures made over the last 10 years.
This is unacceptable.
Biden's budget would generate over $14 trillion in deficits and $16 trillion in new debt over the next 10 years.
If President Biden's budget proposal is approved by Congress, the national debt will reach $45 trillion by 2032.
President Biden's budget will not significantly reign in the federal government's rampant spending or reduce the United States' national debt.
The University of Pennsylvania's Penn Wharton Budget Model estimates that the average family spent "around $3,500 more in 2021 to achieve the same level of consumption of goods and services as in recent previous years (2019 or 2020)" and "that lower-income households spend more of their budget on goods and services that have been more impacted by inflation."
What is President Biden's solution? To introduce a budget that raises taxes, doubles down on Democrats' destructive economic policies, and includes a backdoor for Build Back Better-level spending.
In the "General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals" published by the U.S. Department of Treasury, the report states that President Biden's budget proposal incorporates nearly all revenue provisions from H.R. 5376 - also known as Democrats' trillion-dollar tax-and-spending spree. Obviously, the billions in new government subsidies included in that bill would further fuel inflation.
Although the inflation rate has been steadily rising, and hovers just under 8 percent, President Biden's budget projects that inflation will be reduced to 4.7 percent by the end of 2022.