Republican Senator John Kennedy from Louisiana has criticized President Biden’s nearly $7 trillion budget proposal, calling it an “extraordinary” and “astounding” plan that should be thrown in the shredder, according to a recent interview on Fox News Sunday.
The senator further went on to say that Biden’s budget proposal would ultimately saddle American taxpayers with $18 trillion in new debt and $4.7 trillion in new taxes over the next 10 years.
Kennedy’s comments come just days after the Biden administration unveiled its proposed budget for fiscal year 2024, which has been met with mixed reviews from both sides of the political aisle. Republicans have been quick to criticize the budget, calling it a bloated and unsustainable spending plan that will only lead to more financial hardships for American families.
One of the main points of contention in the proposed budget is the projected tax hikes on corporations and wealthy Americans, which some experts estimate could result in nearly $5 trillion in additional tax revenue over the next decade. Republicans have long been opposed to such tax hikes, arguing that they will only serve to stifle economic growth and job creation.
In addition to the tax hikes, the budget proposal also includes a significant cut to defense spending, which has further irked many Republicans. Kennedy criticized the budget, saying that it would lead to increased costs for everyone and ultimately do more harm than good.
The Committee for a Responsible Federal Budget has also warned that the budget would result in a significant increase in the country’s debt, with projections suggesting that the debt could rise from 98% of GDP in 2023 to 110% by 2033.
Despite some attempts at deficit reduction, nominal debt is expected to almost double, growing from $24.6 trillion to $43.6 trillion over the next decade, according to the committee’s analysis.
Kennedy went on to say that the only way to improve the budget would be to put it through a shredder, calling out Biden’s claims that the budget would solve financial problems in Medicare and Social Security as untrue.
He argued that the budget would actually add $11 trillion in financial shortfalls to these programs, further exacerbating the country’s debt crisis.
As Republicans gear up to release their own budget plan in the coming weeks in response to Biden’s proposed budget, it remains to be seen how the political climate will shift and how the budget will ultimately be received by the American public.
One thing is certain, however: the debate over government spending and taxation is far from over, and the coming weeks and months are likely to be fraught with political tension and discord.