Republicans are plotting their OWN budget to fight Biden’s ‘runaway spending’: GOP will lay out plan in ‘weeks’ and go to war against President’s ‘reckless’ proposals with trillions in taxes that will hit families
- House Republicans will have their budget within ‘weeks’
- It’s their response to Biden’s $6.8 trillion federal budget
- Republicans want spending cuts, Biden wants more taxes on the rich
House Republicans will release their own budget plan to counter President Joe Biden’s in the coming “weeks” as the two sides prepare for a political battle over which policies to fund and which to cut.
Republicans — led by Chairman Kevin McCarthy and Budget Committee Chairman Jodey Arrington — want to cut federal spending to cut the $31.4 trillion federal deficit. Biden’s budget cuts the deficit through tax hikes on the wealthy and corporations.
Republican Congressman Ben Cline of Virginia said Thursday that the GOP would release its budget in the “coming weeks.”
“In the weeks ahead, House Republicans will deliver a budget that will really help put our fiscal house in order by getting our spending under control and putting us on a path to balance,” the leader said. Republican study committee budget. and the Expenditure Task Force told Fox News.
Arrington said the GOP needed time to study Biden’s proposal before releasing its counterbudget.
“We are making good progress on our budget resolution,” he said.
Overall, Republicans called Biden’s budget “runaway spending.”
“Everyone knows that Biden’s out-of-control spending is causing the inflation that drives up the prices of almost everything,” House Majority Leader Steve Scalise said ahead of its release.
Biden released his $6.8 trillion federal budget on Thursday and said the ball was now in the Republicans’ court.
He and Democrats are pressuring Republicans to present their proposal – in writing. Biden specifically said he needed to see what the GOP wanted so the two sides could go through — “line by line” — to see what they could agree on.
“I’m ready to meet the speaker at any time,” Biden said of McCarthy.
It will take a compromise between the two parties to fund the federal government. Democrats control the Senate and Republicans control the House. Biden’s budget is considered dead when he arrives on Capitol Hill, but it’s packed with Democratic priorities — like more funding for childcare and tuition — that will please his base as he heads. towards the 2024 elections.
Republicans, in advocating for federal spending to be “under control”, are proposing cuts in the following areas:
- Withdrawing nearly $100 billion in uncommitted COVID money
- Restoration of work requirements for Temporary Assistance for Needy Families (TANF) and Supplemental Nutrition Assistance Program (SNAP)
- Cut $37 billion, or 29%, from the Department of Health and Human Services
- Reduced Fraud in the Child Tax Credit (CTC) and SNAP (Food Stamp) Program
- Cap Obamacare grants at 400% of the poverty line and recover overpayments
- A 43% reduction in housing programs
- Cutting nearly $90 billion in Environmental Protection Agency funding included in the Inflation Reduction Act
- Ending Biden’s Student Debt Cancellation
- Cut $13 billion in green spending on electric vehicles for the US Postal Service and low-emission buses
- Eliminating $1.2 Million for LGBTQIA+ Pride Centers, $3.6 Million for a Michelle Obama Trail in Georgia, $750,000 for Transgender Care in Los Angeles and More
- Cut 45% of foreign aid
McCarthy also criticized Biden’s budget as full of spending.
“The problem is he’s spending more. It’s not about income. It’s about spending. What’s the use of the budget? Raise more taxes, spend more money, create the biggest government we have ever seen in the history of the United States,’ he told Fox News.
Biden’s budget imposes higher taxes on the wealthy, targets corporations and gives a huge cash injection to social programs such as child care and paid family leave.
The plan includes collecting $5.5 trillion in tax revenue from the wealthiest Americans by raising the top rate for those earning more than $400,000 from 39.6% to 37% and imposing a tax on the 25% minimum income to billionaires.
Biden said Friday his proposal was “a stark contrast to the Republican MAGA plan in Congress, where they’re doubling down on the same failed policies of the past.”
The president’s plan – which he says will reduce the deficit by $3 trillion over 10 years – would also double the capital gains tax rate for investments to 39.6% from 20% and increase levies on companies.
Enough for the biggest peacetime budget in history was also proposed – including $842 billion for the Pentagon, a 5.2% pay rise for troops, $6 billion to support Ukraine and Europe and $37 billion for the nuclear weapons program.
President Joe Biden criticized Republicans for wanting to cut social programs
President Kevin McCarthy and his Republicans criticized Biden’s budget for wasting government money
Billions are also being set aside for a 5.2% pay rise for federal workers, support for refugees, more offshore wind farms and a $25 billion investment in border security.
“My budget reflects what we can do to ease the burden on hard-working Americans,” Biden said of his budget during remarks at a Philadelphia union hall.
It is asking for $688 billion in discretionary non-defence spending, that is, money for programs that aren’t mandatory like Social Security and Medicare. This is an increase of $47 billion over last year’s budget.
Discretionary programs – the only ones debated in Congress – are about $1.9 trillion, while mandatory programs are about $3.9 trillion and interest on the national debt is $796 billion. of dollars.
