released ahead of Biden’s 100th day in office last month, Rep. Jason Smith , the Republican leader of the House Budget Committee, described President Biden’s policy agenda as an “unsustainable spending binge.” During Treasury Secretary Janet Yellen’s confirmation hearing in January, Senate GOP Whip John Thune, “the one thing that concerns me that nobody seems to be talking about anymore is the massive amount of debt that we continue to rack up as a nation.
All together, Biden’s three major initiatives so far—the American Rescue Plan and the proposed American Jobs Plan and American Families Plan—would account for some $6 trillion in new federal spending. The $1.9 trillion American Rescue Plan, signed into law in March, was focused on emergency coronavirus relief and financed almost entirely with new federal debt. While Biden has proposed tax increases on corporations and the rich and a crackdown on tax evasion to pay for the next $4.
“For all the criticism of Biden's proposals—which I will grant are very, very large and expansionary—at least he's putting out the metric of paying for them,” MacGuineas says. “And President Trump, when he was in office, when the economy was stronger than it is now, didn't do the same.”in March that the federal budget deficit will reach $3.4 trillion or 15.6% of GDP in fiscal 2021, a new record after 2020’s $3.1 trillion deficit.
The Biden Administration has argued that all that spending is necessary, citing the success of the ARP in distributing cash relief to American families and shoring up consumer confidence to jump start the economy again. In remarks before congressional leaders on Thursday, Treasury Secretary Janet Yellen pushed for more. “Our annual budget is still at the same enacted level as 2010 [after adjustment for inflation], and critical policy offices...
And despite all the bluster from Republicans, it’s still possible some in the GOP could get on board with at least some additional debt. A few lawmakers within the GOP have indicated that they might be willing to add a little more to the national debt to finance a bipartisan infrastructure deal rather than raise the money through tax hikes, Axios
UROCKlive1 Let me tell you something. Republican politicians ARE JUST FINE WITH GUSHERS OF MONEY GOING TO THEM PERSONALLY.
UROCKlive1 It's never about how much is spent. It's just about whether the spending will translate to more votes and another term in office. That applies to all parties, all countries. Those in power are there, because they seek power, and will do what it takes to get and keep it.
And got results.
GOP added over 7 trillion to the debt in shitholetrump term. Now they are complaining about POTUS adding 6 trillion. 😂😂😂 They also don't BackTheBlue since the TrumpInsurrection killed police officers and they don't want to find out who did it. losers
Sorry Mr Trump, this is the only way JEB gets any airtime.
Two guys and America without future.
“Costly” because usually everything is free.
...its 6 Trillion dollars. Stop hiding this robbery with deflection to Trump.
For anyone, on either side of the political isle, to think they are fiscally responsible, is to Insinuate the 🇺🇸 American public is stupid…..on second thought ….👀… LOL
This country is wrapped in a cluster fk of hypocrisy
UROCKlive1 and most of what Trump spent ended up in his and his co-conspirators' pockets, probably offshore.
The media and their cuddling of the “big guy”
TaxNSpend IS BETTER THAN BorrowNSquander , the VichyGOPPlan ! TrumpsWERETreason
You already know their problem isn't the spending. It's WHO gets to benefit from it. Can we all just stop pretending we don't know this already?
Another bad headline.
Sweet logic to make it okay. Cap.
One moron over spent. So, another moron can over spend. What, are you in third grade. Our kids will pay for both these morons. Good rational!
UROCKlive1 “BoTh SiDeS!” Stop this. Just stop. Trump spent to enrich the already rich. Period.
So, whose is bigger?😂😂😂
Yes, but Trump is a business man and knows how to run a company Biden… not so much.
Amazing art of writing ✍️ when you mitigate Biden’s Agenda with his rival Trump’s Agenda.
Trump tax cuts = $2 trillion+ on our debt and invested ZERO into America GQP slammed that though no problem.
good