Biden’s Bloated Budget
Last week, President Biden issued his budget for Fiscal Year 2024. His budget doubles down on his failed economic policies that have devastated hardworking Americans. During the last Congress, instead of implementing policies to combat record-high inflation, Democrats spent trillions of taxpayer dollars, which increased costs for daily necessities and ballooned our national debt. The CBO’s most recent outlook shows current policies will add more than $20 trillion to our national debt over the next decade. Despite this, the President’s proposed budget continues this misguided approach and totals nearly $1.8 trillion for FY24. This is the highest sustained levels of taxes, spending, and deficits in American history. House Republicans are committed to creating an economy that’s strong, a nation that’s safe, a future that’s built on freedom, and a government that’s accountable.Clearly, Democrats’ vision for our nation is very different.
Biden’s budget promotes an economy that’s weak. Adding trillions in new spending will continue this reckless spending spree and will burden future generations with massive interest payments, a depressed economy, and less financial freedom to respond to emergencies. Biden proposed the highest level of taxation in U.S. history, including $4.7 trillion in new taxes for low- and middle-income families, not just those making over $400,000 as he claimed. Raising taxes on individuals, families, and businesses will result in even higher prices, lower wages, and fewer jobs. Small businesses, the backbone of our economy, will struggle to find workers, pay higher taxes, and serve their customers.
Biden’s budget promotes a nation that’s at risk. Despite increased threats,his proposal prioritizes progressive initiatives while failing to address the safety and security of the American people, by requesting a non-defense spending level that is more than triple the increase proposed for defense. He fails to adequately fund border security by cutting $600 million from the Department of Homeland Security, which leaves U.S. citizens vulnerable to the crime and drugs pouring into our country. However, he calls for $20 million for the Department of Labor to partner with AmeriCorps and other agencies to create a “Civilian Climate Corps.” These misplaced priorities will only embolden our adversaries while failing to adequately fund our nation’s security.
Biden’s budget promotes a future that’s built on dependency. Burdensome regulations, higher taxes, and more government spending crush opportunities and mobility, forcing more and more Americans to become dependent on the government. His plan expands unemployment insurance, which researchers have shown keeps people from seeking work. In 2021, only 1.7 million workers returned to the labor force. In just the first three months of 2022 alone, after the expiration of extended unemployment benefits, 1.9 million workers returned to the labor force, which is more than President Biden’s entire first year in office. Businesses across the country are facing workforce shortages, and the President’s policies incentivize people to stay home and rely on the government.
Biden’s budget promotes a government that’s unaccountable. His over-the-top federal spending throughout his time in office has made our government vulnerable to waste, fraud, and abuse, which his FY24 plan completely ignores. It is essential to hold our government accountable for its spending and ensure that taxpayer dollars are being used responsibly. The budget also represents a significant expansion of the federal government's role in our daily lives. For example, he requests $2 billion for the Bureau of Alcohol, Tobacco, Firearms, and Explosives to “increase regulation of the firearms industry.” These programs and initiatives represent the Left’s significant government overreach that has limited individual freedom and hindered economic growth.
As a member of the House Appropriations and Budget Committees, my colleagues and I will review the President’s budget line-by-line to identify programs that don’t align with the true needs of the American people. The President has said the budget displays values. He’s right. A budget is more than just a set of numbers, it is an expression of values. It’s a vision and a roadmap for the future. Failing to offer Americans a responsible budget that reins in spending, stabilizes our debt, and puts us on a path to balance, is to prepare to fail the country. We must make a promise to our children that we will find reasonable and responsible solutions, and not continue to saddle them with endless debt.