President Biden has released his $7.3 trillion spending outline for the coming budget year, proposing several ambitious efforts aimed at raising taxes on wealthy individuals and corporations to fund new social programs.
"We are the only nation that has emerged from every crisis we have entered stronger than we went in. While my Administration has seen great progress since day one, there is still work to do. My Budget will help make that promise real," Biden wrote in a budget document to Congress.
Biden's proposal calls for trimming the nation’s deficit by $3 trillion in the next 10 years, doubling down on pitches to increase the corporate tax rate, enact a minimum tax on billionaires and quadrupling the stock buybacks tax.
The spending meets the caps that House Republicans tucked into last year's Fiscal Responsibility Act in exchange for raising the debt limit.
But House Republican leaders immediately tore into Biden's proposal, with 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.) releasing a joint statement.
"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."
Meanwhile, Trump boasted Monday that “there is a lot you can do” when it comes to cutting funding to entitlement programs like Social Security and Medicare.
Biden shot back: "I’m never gonna allow that to happen."
The president's proposed budget, which is intended to be seen more like a wish list, is unlikely to ever become law. Due to Republican opposition, the version of the budget that eventually passes will likely look much different than it does now.
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