President Biden Unveils $6.9 Trillion Budget 'Blueprint'

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by Tyler Durden
Thursday, Mar 09, 2023 - 05:15 PM

President Biden unveiled his wishlist of progressive pandering budget proposal for 2024 and it's a doozy.

The $6.9 trillion 'blueprint' outlined a slew of tax hikes on wealthy Americans as an avenue for reducing the deficit and funding key programs like Medicare.

Bloomberg reports that Biden’s proposal would increase funding on a bevy of government programs, extending the solvency of Medicare, lowering prescription drug prices, and cutting the deficit by $3 trillion over the next decade.

Even still, the deficit in 2024 would increase from $1.6 trillion to $1.8 trillion, and the gross federal debt would swell to $51 trillion after a decade.

In a year that GOP leaders have said they would pursue at least $150 billion in spending cuts and refuse tax increases, Biden instead proposes adding $77 billion across defense and non-defense spending while increasing taxes by $5.5 trillion over the next decade.

The White House’s wish list of policies includes:

  • restoring the full Child Tax Credit, which was first enacted in the American Rescue Plan;

  • a billionaire minimum tax, which would impose a tax of at least 25 percent on total income for Americans whose wealth exceeds $100 million;

  • making increases to the corporate tax rate;

  • making permanent some tax credits related to the Affordable Care Act,

  • and providing national paid leave.

As The Hill reports, Shalanda Young, the head of the Office of Management and Budget, said releasing the budget is “a start of a healthy dialogue” and that the White House is ready to have a debate with Republicans who will likely argue that the president’s budget will hurt growth.

“When you look at this president’s view of the world and what this budget puts forward, it shows you what he values,” Young said.

“And that’s what this is going to be about. And we’re happy to have that debate with anybody.”

House Speaker Kevin McCarthy told reporters the House budget plan will be delayed because Biden’s budget was a month late and Republicans need to analyze it. But on Wednesday, he flatly ruled out Biden’s proposed tax increases.

“I do not believe raising taxes is the answer,” he said.

Republicans are seeking to balance the budget within ten years, a feat that would likely require some $20 trillion in spending cuts if no taxes are increased.

“Taxes, taxes, and more taxes,” Sen. John Cornyn (R-Texas) tweeted Thursday morning, reacting to news of Biden’s plans.

Finally, it's clear by the relatively extreme nature of the proposal that not only is this certain to be rejected by the Republican-controlled House of Representatives and showed absolutely no inclination towards compromise.