Republican Senator John Kennedy has criticized President Biden’s proposed budget for the fiscal year 2024, saying that it is full of “extraordinary” numbers and belongs in a shredder instead of burdening American taxpayers.
The proposed budget, which includes almost $5 trillion in tax hikes on corporations and wealthy Americans, is also projected to add $18 trillion to the country’s debt and cut defense spending.
The Committee for a Responsible Federal Budget has warned that the budget would result in the country’s debt rising from 98% of GDP at the end of 2023 to 110% by 2033, despite some attempts at deficit reduction.
Kennedy has also disputed Biden’s claims that the budget would solve financial problems in Medicare and Social Security, citing a Wall Street Journal report that it would add $11 trillion to the programs’ financial shortfall.
Takeaways:
Senator John Kennedy has criticized President Biden’s proposed budget for the fiscal year 2024, calling it full of “extraordinary” numbers.
The proposed budget includes almost $5 trillion in tax hikes on corporations and wealthy Americans.
The budget is projected to add $18 trillion to the country’s debt and cut defense spending.
The Committee for a Responsible Federal Budget has warned that the budget would result in the country’s debt rising to 110% of GDP by 2033.
Senator Kennedy has disputed Biden’s claims that the budget would solve financial problems in Medicare and Social Security, citing a Wall Street Journal report that it would add $11 trillion to the programs’ financial shortfall.
Commentary:
Republican Senator John Kennedy’s criticism of President Biden’s proposed budget for the fiscal year 2024 highlights the party’s opposition to the president’s economic policies.
Kennedy’s characterization of the budget as full of “extraordinary” numbers and his call to shred it instead of burdening American taxpayers reflects the Republican belief that the budget is fiscally irresponsible and harmful to the country’s economic future.
The proposed tax hikes on corporations and wealthy Americans are also a point of contention for Republicans, who argue that they will stifle economic growth and harm job creation.
The Committee for a Responsible Federal Budget’s warning about the country’s rising debt is another concern for Republicans, who argue that the budget will burden future generations with unsustainable levels of debt.
Senator Kennedy’s dispute with Biden’s claims about the budget’s effects on Medicare and Social Security highlights the parties’ differing views on entitlement programs, with Republicans generally favoring cuts to such programs to reduce spending.
Overall, Kennedy’s criticism of the budget is reflective of the larger Republican opposition to the Biden administration’s economic policies and priorities.
Source https://www.foxnews.com/politics/sen-john-kennedy-says-only-way-improve-bidens-budget-with-shredder
