Traditionally, Congress meets every president’s budget with the declaration of “dead on arrival” regardless of party affiliation. This sentiment holds true for President Biden’s recent budget proposal, which has been criticized as lacking substance and vision.
House Speaker Mike Johnson expressed strong opposition to Biden’s budget, calling it a roadmap to accelerate America’s decline. He emphasized that House Republicans reject the proposal and are working towards fiscal sanity.
Despite Congress already enacting half of the 2025 spending measures, Biden’s fiscal 2025 blueprint is not expected to have much impact due to its late submission. This delay allows Congress to focus on the remaining appropriations bills, which will shape the country’s financial future.
Biden (Credits: E&E News)
The budget proposal comes at a time when the government is already facing significant financial challenges. Last year, the government spent $1.7 trillion more than it earned, a figure that is expected to rise to $1.9 trillion this year.
Despite an additional $640 billion in tax revenue, Biden’s budget plan proposes annual expenditures that continuously rise, reaching $10 trillion by 2033.
The administration’s budgetary imbalance could be addressed by holding spending at last year’s levels, which would bring income and expenses into balance within three years.
However, Biden’s budget proposal includes a $7.3 trillion spending plan for 2025, with significant allocations to agencies serving his political agenda.
Biden (Credits: CNN)
The Defense Department receives a substantial increase in funding despite focusing more on Ukraine’s security than America’s. Additionally, funds are allocated for refugee resettlement, which critics argue is a strategy to distribute illegal immigrants in politically advantageous areas.
To fund these expenditures, Biden’s budget includes tax increases, such as a 25% minimum tax on “billionaires” and a corporate tax rate hike. However, there are concerns that these taxes will ultimately be passed on to consumers, further exacerbating the financial burden on American households.
The government’s unchecked spending has also led to a sharp increase in interest rates, with the average home mortgage rate doubling since Biden took office. This rise in rates has added nearly $1,000 to the average monthly house payment, further straining American families.
Biden’s budget proposal has been met with criticism for its lack of fiscal responsibility and its potential to further burden American taxpayers.
Critics argue that a more restrained approach is needed to restore the American dream, and it is up to Congress to come up with a realistic alternative.
