President Biden unveiled his election-year budget pitch Monday, calling for $5.5 trillion in tax increases by raising rates on the wealthy and corporations — while driving up spending by $7.3 trillion on defense, federal benefit programs, affordable housing and student debt cancellation, among other proposals.
The fiscal year 2025 budget — which is highly unlikely to be approved by Congress — matches last year’s topline tax increase level and spends $300 billion more while purportedly cutting the federal deficit by $3 trillion over the next 10 years, the White House said on Monday.
Fiscal hawks and Republicans alike were quick to call out the administration for the “reckless spending.”
The Committee for a Responsible Federal Budget (CRFB) noted the Office of Management and Budget (OMB) estimates project the national debt would surge to $45.1 trillion — or 105.6% of Gross Domestic Product (GDP) — by 2034 under the plan, up from $27.4 trillion.
