CBO Confirms Biden’s Agenda Will Worsen Economic Crisis Caused by Democrats’ Failed Policies
WASHINGTON, D.C. – Today, in its official re-estimate of the President’s FY23 budget – which is a blueprint for the Biden Administration’s plans for the country and the policies Washington Democrats have been pursuing for the past two years – the Congressional Budget Office confirmed that the proposed levels of spending, debt, and taxes in the President’s Budget submission will be the highest sustained levels in U.S. history, with spending increasing 62% and taxes increasing 80% over that of the previous 10 years, making the crises that have defined the Biden Presidency and one-party Democrat rule in Washington even worse.
“The crises facing America are a direct result of Democrats’ reckless spending on their far-left agenda,” said House Budget Committee Republican Leader Jason Smith (MO-08). “The $2 trillion American Rescue Plan sparked the highest inflation in 40 years. Inflation that just today we learned is still raging at above 13% since Joe Biden took the Oath of Office. Record energy prices at home and at the pump were created by Democrats’ war on American energy beginning with President Biden canceling the Keystone XL pipeline on his first day in office, and made worse by the $45 billion in new tax increases on domestic energy producers proposed in his budget. By turning his back on a crisis at our Southern Border, over 3 million illegal crossings have occurred while drug cartels make tens of billions off of human smuggling and poisoning our communities with fentanyl. All of that is the direct result of the policies President Biden introduced in his budget and Washington Democrats have pursued over the past two years, including an $150 million cut to ICE that leaves our border open to more human trafficking and drug smuggling.
“Everywhere you look – at the border, the checkout line, and the gas tank – there is a crisis that resulted from tried and failed Democrat policies that are eroding personal and financial freedoms and pushing our economy further down the wrong track. If insanity is doing the same thing over and over again and expecting a different result, the Biden budget certainly qualifies. In his budget, President Biden shows he has learned nothing over the past year and intends to double down on the very policies that are doing such damage to American families and the American Dream.
“During an inflation crisis, Biden’s budget spends $71 trillion over the next 10 years. After hiring an army of 87,000 new IRS agents to impose more audits and force working families to pay higher taxes, Biden’s budget levies $58 trillion in taxes. The budget also makes clear that the Biden Administrations’ bragging about deficit reduction is all talk and no action. Biden’s budget would produce the highest sustained annual deficits in U.S. history and deliver more inflation at a time Americans can least afford it.”
Key Points from CBO Analysis of Biden’s FY 2023 Budget
- $71 trillion in spending – a 62% increase over the previous 10 years
- $58 trillion in taxes – a 80% increase over the previous 10 years
- $13 trillion in new public debt
- Debt as a percentage of GDP would rise to 103%, the highest in 76 years
- Spends $1.6 trillion more on non-defense discretionary than defense over ten years
Biden’s FY 2023 Budget Doubles Down on Failed Policies
- Highest sustained level of government spending in American history
- Highest sustained level of deficits in American history
- Highest sustained tax burden in American history
- $45 billion in new taxes on domestic energy production
- No plans to resume Keystone XL pipeline or new domestic oil and natural gas leases
- Continues the Administration’s catch-and-release policies, which has seen 3.2 million illegal border crossings since Biden became President
- $150 million cut to Immigration and Customs Enforcement
- Zero prohibitions against funding of viral research in China
- Zero prohibition against subsidizing localities that continue to enforce school closures, required COVID vaccinations, or mask mandates on children