Biden's Busted Budget
In April 2022, President Joe Biden submitted to Congress his second budget proposal for fiscal year (FY) 2023 that plainly states his funding priorities and goals. Like all presidential budgets, it is simply a request and is not enforceable by law. In fact, several policies recommended in this budget stand no chance of passing both chambers and being signed into law.
Unfortunately, the wish list reveals President Biden’s desire to double down on his out-of-touch policies and out-of-control spending from his failed budget proposal from the previous fiscal year and the wildly unpopular Build Back Better bill. Clearly, in ignoring the actual priorities of the American people in his dead-on-arrival budget, the president has learned nothing from his first year.
With a price tag of $5.8 trillion, President Biden’s proposed budget would spend $73 trillion over the next 10 years, a 66 percent increase from the previous 10 years. This would be the highest sustained level of government spending in American history and would also lead to the highest level of deficits ever.
Although President Biden claims that this budget plan would reduce our national debt, it would lead to the accumulation of $16 trillion in new public debt and $1.1 trillion in yearly debt interest payments by 2032.
At a time when inflation is costing the average household nearly $3,500 extra a year, President Biden’s budget outlined that he wants to collect $58 trillion in taxes on hardworking Americans, families and businesses over the next 10 years—the highest sustained tax burden in American history. This would only further strap their wallets, lessen their purchasing power and further fuel the inflationary crisis.
Finally, while Americans struggle to afford to fill their gas tanks and power their homes because of high energy costs, President Biden wants to push our country further away from energy independence with more anti-American energy policies.
After shutting down the North American Keystone XL pipeline and preventing energy leasing on federal lands and waters on day one of his presidency, gas prices have reached the highest level ever. During the Trump Administration, America produced more at home and bought more from our allies and neighbors such as Canada. Now, as revealed in his budget, President Biden wants to increase this burden by adding $45 billion in new taxes on domestic energy production.
President Biden has delivered another busted budget that would continue to bankrupt our nation, make inflation worse for middle class Americans, leave us with a weak national defense and keep us at the mercy of tyrants and state sponsors of terrorism for our energy needs. President Biden introduced a similar budget last year. It did not work then, and it will not work now.
This section is courtesy of the Tom Cole Congressman 4th District Oklahoma April 2022 Weekly Column “Biden’s Busted Budget”.