March 29, 2022

Biden's FY23 Budget: Another Year of Crisis

WASHINGTON, D.C. – Yesterday, President Biden released his Fiscal Year (FY) 2023 budget which includes:

$73 trillion in spending – a 66% increase over the previous 10 years
$58 trillion in taxes – a 80% increase over the previous 10 years
$16 trillion in new public debt with $1+ trillion deficits every year for the next 10 years.

Following the release of the President’s FY23 budget, House Budget Committee Republican Leader Jason Smith (MO-08) released a memo titled “Biden’s FY23 Budget: Another Year of Crisis” containing key facts and figures as well as policy insights into how the President’s budget further fuels a spending and inflation crisis, debt crisis, economic and tax crisis, energy crisis, border crisis, security and crime crisis, and education crisis while at the same time attempting to cover up the battle within the president’s own party over his $5 trillion Build Back Better agenda. Among its many failed policies, the budget would:

Fuel today's inflation crisis with the highest sustained level of government spending in American history - a spending level that is $7 trillion more than what the Congressional Budget Office (CBO) has projected over the next 10 years while giving a 12% average spending increase next year for non-defense federal agencies.
Fuel America’s debt crisis with the highest sustained level of deficits in American history – leading to $1.1 trillion yearly debt interest payments by 2032, a sum 1.5 times what we will spend on Medicare this year.
Fuel a drag on America’s economy with the highest sustained tax burden in American history – including $2.5 trillion in new taxes, rising up to $4 trillion when including hidden taxes from the Build Back Better (BBB) bill; $1.7 trillion in new taxes on job creators, or $2.5 trillion when including hidden taxes from BBB; and more than $800 billion in new taxes that fall on American families and small businesses, or $1.5 trillion when including hidden taxes from BBB. Such a tax burden would be in part responsible for the budget’s 2.2 percent average projected economic growth that is 28 percent below the average growth of the last 75 years.
Push America farther way from energy independence and further increase the pain at the pump with $45 billion in new taxes on domestic energy production and zero plans to resume the Keystone Pipeline or new domestic oil and natural gas leases.
Deprioritize American security by providing non-defense agencies a 200 percent increase compared to the defense budget and continuing the Administration’s catch-and-release policies at the border, which has seen 2.9 million encounters since President Biden took office.
Embolden a federal takeover of America’s education system through a 17 percent increase in Department of Education funding with zero prohibitions against subsidizing localities that continue to enforce school closures or require COVID vaccinations or mask mandates on children, schools that remain virtual, or schools that promote the teaching of critical race theory.
Abuse an aspect of the budget process known as a “deficit-neutral reserve fund” to cover up the cost of President Biden’s BBB agenda – an agenda CBO has confirmed would spend $5 trillion, add $3 trillion in debt, and increase taxes by $1.5 trillion.

Emblematic of the Biden Administration’s misplaced priorities, the President’s budget does not once make mention of an “inflation crisis”, “debt crisis”, “border security”, or “parents” while using the term “climate crisis” 33 times and the terms “tax”, “fee”, and “penalty” over 120 times. Upon the release of the President’s budget, House Budget Committee Republican Leader Jason Smith (MO-08) said, in part:

“Under President Biden, the American people are finding it more difficult and more expensive to put food on their tables, gas in their cars, and clothes on their backs. The President has presided over one developing crisis after another – none of which are happening by accident. Whether it’s the inflation crisis, energy crisis, border crisis, a supply chain crisis, crime crisis, or others, all are the direct result of the policies President Biden has pursued, aided and abetted by complete one-party Democrat rule in Congress. This budget submission from the President shows he has learned nothing over the past year – nothing about how his policies have failed the American people – and he intends to double down on those very policies. The President’s 2023 budget deliberately makes every crisis he created worse.”

To read Smith’s full statement, CLICK HERE. To read Biden’s FY23 Budget: Another Year of Crisis, CLICK HERE or the image below.

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