On Sunday, Senator John Kennedy from Louisiana spoke about President Biden’s proposed budget for the fiscal year 2024. Kennedy expressed his shock at the $6.9 trillion budget proposal, calling it “extraordinary” and stating that the country would run out of digits to account for it.
He also criticized the budget’s plan to raise $4.7 trillion in new taxes over 10 years and the $18 trillion in new debt it would create. Kennedy believes that the budget should be discarded and shredded rather than implemented and paid for by American taxpayers.
The Committee for a Responsible Federal Budget has warned that the budget proposal would result in the country’s debt rising to 106% of GDP by 2027 and 110% by 2033, despite some attempts at deficit reduction.
They predict that nominal debt would almost double over the next decade, increasing from $24.6 trillion to $43.6 trillion.
The proposed budget plan would also result in increased costs for everyone and almost $5 trillion in tax hikes on corporations and wealthy Americans.
The GOP has responded by announcing plans to prepare their budget proposal in the coming weeks in response to what they see as out-of-control spending by the Biden administration.
Kennedy believes that the budget will not solve financial problems in Medicare and Social Security, despite the president’s promises.
He cited a Wall Street Journal report that stated that the budget would add $11 trillion to the financial shortfall in Social Security and Medicare, further exacerbating the country’s economic issues.
Overall, Kennedy and the GOP are concerned about the massive size of the budget proposal and the significant amount of debt it would create.
They believe that it would burden American taxpayers with increased taxes and costs and fail to address underlying financial issues in the country’s social programs.