(TheLastPatriotNews.com) – In what seems like a gigantic pork barrel spending plan to serve the radicalizing leftist agenda, President Joe Biden has announced the draft for his election-year budget, which provides for $7.3 trillion in federal spending and $5.5 trillion in tax hikes.
On Monday, President Biden presented his budget proposal, arguing it would target the wealthy and corporations.
This plan allocates $7.3 trillion for various initiatives, including defense, federal benefits, affordable housing, and the forgiveness of student loans.
Despite its ambitious scope, it’s highly improbable that Congress will adopt this budget for fiscal year 2025, The New York Post forecasts in a report.
This proposal mirrors last year’s tax increase target and augments spending by $300 billion, aiming to reduce the federal deficit by three trillion dollars over the coming decade, as announced by the White House.
Critics, including fiscal conservatives and Republican Congress members, were swift to denounce the plan as emblematic of “reckless spending.”
The Committee for a Responsible Federal Budget, a nonprofit, pointed out projections from the Office of Management and Budget suggesting a dramatic increase in national debt to $45.1 trillion by 2034.
This would equal 105.6% of the Gross Domestic Product, a significant rise from the current $27.4 trillion.
Brian Riedl of the Manhattan Institute expressed concerns that the president’s budget would provide “the highest sustained income tax burden in American history as a share of the economy.”
“The president isn’t simply raising taxes to close the deficit, he’s raising it to expand government,” Riedl said.
Last year, he called Biden’s budget “the highest peacetime burden in American history.”
House Speaker Mike Johnson and other Republican leaders condemned the budget’s extravagant spending and its potential impact on Americans already grappling with inflation and national debt.
“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,” Johnson (R-LA) and other GOP leaders said in a statement.
“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,” they added.
In his State of the Union address, Biden called for raising corporate income tax rates and instituting significant tax credits and hikes targeting corporations and billionaires. He also claimed individuals earning under $400,000 would not face increased federal taxes.
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