President Joe Biden will release a massive $6 trillion budget tomorrow afternoon just in time for the three-day, Memorial Day weekend. The bill, which would be the biggest spending since World War II, will require tax increases for all Americans.
"The plan demonstrates that Biden shows little interest in taming the deficit, which would remain above $1 trillion through the next decade despite an expected economic recovery. The deficit only exceeded that level in the four-year period following the Great Recession and again after the COVID-19 pandemic slammed the economy," The Hill reports. "Rather than find a path to a sustainable debt, the plan would increase the country’s debt burden to 117 percent of gross domestic product by the end of the decade, exceeding its World War II record in 2024. Writ large, the budget proposal, which the White House is expected to formally lay out on Friday, is an unabashed call for a bigger role for government in the U.S. economy, bringing spending to a quarter of the nation’s annual output, larger than any level before the pandemic."
The price tag isn't going over well.
Joe Biden is spending money like this is "Brewster's Millions," proposing exorbitant taxes and regulations, and blowing out the debt, and yet his budget proposal suggests consistent 2% economic growth and 2% inflation. Sounds reasonable.— Ben Shapiro (@benshapiro) May 27, 2021
The question is: Why? GDP soaring. Unemployment in, say Ohio, back to pre-pandemic levels and falling. Inflation already loose in land. This President @JoeBiden budget is nuts. #BidenInflation here to stay. (And no real growth in defense spending.) https://t.co/QqEefDow0G— Hugh Hewitt (@hughhewitt) May 27, 2021
President Biden’s $6 trillion budget would raise taxes on hard working Americans and bring federal spending to levels not seen since World War II.— Sen. Marsha Blackburn (@MarshaBlackburn) May 27, 2021
For real though, Team Biden wants to print 2X of last year’s entire federal budget in one bill. This is WILD.— Jordan Schachtel (@JordanSchachtel) May 27, 2021
Biden’s plan to bankrupt America includes $6 trillion in spending & $3 trillion in tax hikes— RNC Research (@RNCResearch) May 27, 2021
A study from the Penn Wharton Budget Model found that Biden’s non-infrastructure proposal would shrink the economy, decrease private investment, & lower wages.https://t.co/9sZQeH57r7