The Biden Administration has now unveiled its budget proposal for fiscal year 2024, and no one is taking it more seriously than the Republicans. Although this was meant to be a serious policy document outlining how Joe Biden plans to manage the nation’s finances for next year, most conservatives can barely look at it without succumbing to a fit of hysterical laughter and total disbelief.
On Thursday, Republican lawmakers denounced President Joe Biden’s budget proposal for fiscal year 2024.
Compared to the $5.8 trillion proposed by the White House for the previous fiscal year, the $6.9 trillion would represent an increase of $1.1 trillion. Over the next decade, the budget would reduce the total deficit from $20 trillion to $17 trillion.
Here’s the promotional video the White House released for the proposed budget.
In short, the plan calls for expanded social programs and higher taxes, in which Republican officials announced they would oppose it.
On Twitter, House Speaker Kevin McCarthy wrote, “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.”
In addition, Senate Finance Committee Chair Mike Crapo (R-ID) said the budget proposal does not promote job creation and wage growth while increasing tax burdens and expenditures. Crapi tweeted, “The President’s budget makes clear the Administration has not learned from its mistakes that have led to two years of record-high inflation and excessive deficit spending. Instead, this Administration is doubling down with more of the same.”
Tax hikes are included in the budget proposal for affluent households, including a 25% minimum tax on those with more than $100 million in wealth, and an increase from the current 37% to 39.6% at the top marginal rate, which would return to levels before the Tax Cuts and Jobs Act of 2017.
In the budget, businesses would see a 28% increase in corporate taxes, which would split the difference between the current 21% rate and the previous 35% rate. As part of the budget, the stock buyback tax would also be quadrupled from 1% to 4%, thereby allowing companies to invest unused profits into operations.
Meanwhile, on Fox News, Texas Senator Ted Cruz revealed what else the budget prioritizes.
Republican control of the House of Representatives is expected to cause the budget to fail, and Republicans in the Senate will also oppose it.
Sen. Marsha Blackburn (R-TN) said in a statement that the federal government cannot get enough of taxpayers’ hard-earned dollars and tweeted, “Joe Biden’s disastrous budget will be dead on arrival.”
Blackburn added in a short social media video that Biden’s “out-of-control spending has to stop.”
FOX News’ Peter Doocy asked Biden point-blank if his proposal has any chance of passing. Here’s how he reacted:
Republican lawmakers are not the only ones criticizing Biden’s proposed budget.
Steve Moore, a former Senior Economic Advisor to President Trump, called the proposal a “fiscal atrocity.”
Following the debt ceiling exceeding the statutory limit of nearly $31.4 trillion earlier this year, Biden and McCarthy are negotiating to decrease long-term spending. Social Security and Medicare reforms will not be considered by each official, which raises questions about whether meaningful spending cuts can be made since the two programs accounted for more than half of the federal budget.
All in all, it’s hard not to react to President Biden’s budget proposal for Fiscal Year 2024 with audible laughter. The overall opposition to his proposal is grounded in the fact that it does nothing to increase the well-being or financial security of the average hardworking American. It is heavy on expanded social programs and higher taxes yet fails to make any meaningful changes that are relatable to everyday life for a majority of Americans. Republicans of both the House and Senate have vowed to oppose and obstruct Biden’s plan, rendering it decidedly dead in the water.
Let’s continue this conversation, in the comments below.