House Republican leaders are blasting President Biden’s proposed plan for how to fund the government in fiscal year 2025.
‘The price tag of President Biden’s proposed budget is yet another glaring reminder of this Administration’s insatiable appetite for reckless spending and the Democrats’ disregard for fiscal responsibility. Biden’s budget doesn’t just miss the mark – it is a roadmap to accelerate America’s decline,’ read a joint statement by House Speaker Mike Johnson, R– La., Majority Leader Steve Scalise, R– La., Majority Whip Tom Emmer, R– Minn., and GOP Conference Chair Elise Stefanik, R– N.Y.
‘While hardworking Americans struggle with crushing inflation and mounting national debt, the President would increase their pain to spend trillions of additional taxpayer dollars to advance his left-wing agenda.’
The U.S. national debt is currently just over $34.5 trillion, according to the U.S. Debt Clock.
Biden’s $7.3 trillion budget plan, which he unveiled Monday, includes proposals to hike taxes on corporations and high-income households. It lays out roughly $5 trillion in tax increases overall, which the White House said would be split evenly between corporations and the top 2% of earners.
It also aims to push forward his progressive policies, like dedicating $8 billion over 10 years to the American Climate Corps and $3 billion for the Green Climate Fund, which helps developing countries fight climate change.
The budget proposal also includes $1.8 billion toward boosting development programs in the STEM fields that have an emphasis on diversity, equity, inclusion and accessibility.
The budget is largely symbolic and has virtually no chance of passing the Republican-controlled House.
However, it is a significant part of the president’s pitch to voters as he seeks to win another term in November.
House Republicans advanced their own budget last week, led by Budget Committee Chairman Jodey Arrington, R-Texas, aimed at cutting $14 trillion in federal spending over 10 years by slashing federal benefits and social programs, among other areas. It also aims to reduce taxes and roll back Biden’s green energy subsidies.
Congressional leaders are beginning to discuss the roadmap to funding fiscal year 2025, even as negotiations continue on how to fund the remainder of fiscal year 2024, which began on Oct. 1, 2023.
Disagreements over federal spending have fueled historic levels of division on Capitol Hill. Congress passed half of their 12 spending bills in a massive $460 billion package last week, and the remainder must be funded by March 22 to avoid a partial government shutdown.