October 11, 2022

FACT SHEET: The Cost of One-Party Democrat Rule

Despite increasing spending by $10 trillion, President Biden continues to absurdly claim he is reducing the deficit. House Budget Committee Republican Leader Jason Smith (MO-08) today released a fact sheet exposing the true cost of one-party Democrat rule in Washington.

Click here or on the image above to get the facts on the cost of one-party Democrat rule.

 

“President Biden has repeatedly claimed he is reducing the deficit, but under one-party Democrat rule spending projections from the Congressional Budget Office have exploded by  an additional $10 trillion in less than two years, debt is increasing, and Americans are facing the highest spike in prices in 40 years. As a matter of fact, President Biden has set a new record for the most spending and most debt ever in a President’s first 20 months, yet he dishonestly claims credit for reducing the deficit, when under his Administration the government ran a deficit of $2.78 trillion in 2021, the second highest in American history. The fact is that more than 80 percent of today’s reduction in the FY22 deficit as compared to FY21 is due to expiring or shrinking pandemic relief, not a reduction in White House or Democrat-directed spending. On top of that, revenues are surging, up 21 percent compared to last year.” - House Budget Committee Republican Leader Smith

 

BIDEN'S DEFICIT DECEIT President Biden claims he is all about cutting deficits, but the facts do not bear that out:
  • In Biden’s first year, the FY 2021 deficit was $2.78 trillion – 2nd highest in American history and $517 billion higher than the Congressional Budget Office projected
  • 80% of supposed deficit reduction is expiring or shrinking COVID relief funding*, not Executive or Congressionally directed spending reductions
  • Biden has spent $1+ trillion without Congress via Executive actions
*Committee for a Responsible Federal Budget

 

HIGHER REVENUES President Biden is exploiting the historic revenues from Republicans’ Tax Cuts and Jobs Act (TCJA), which provided tax relief for American families and small businesses, to mask the Democrats' reckless spending and claim deficits are going down:
  • $4.9 trillion in total revenues this year, the highest in recorded history
    • $900 billion more than CBO projected for FY 2022 when TCJA passed
    • $1.6 trillion more than the pre-TCJA revenue levels
    • 20% of GDP, tied for the highest level in 77 years
  • Revenues are up 21% compared to last year

 

“It is clear Joe Biden does not value spending restraint or lowering inflation. The President’s budget proposed the highest sustained level of spending in American history. His plan would run the highest average annual level of deficits in American history – $1.6 trillion every year – despite the fact it would also impose the highest sustained tax burden in American history. All of this will add to the over $3 trillion in debt he has already amassed and throw more fuel on the inflation fire. President Biden’s claims of deficit reduction are a political ploy to mislead working families struggling under the weight of rising prices, rather than an earnest attempt to bring down the cost of goods by getting America’s fiscal house in order.” - House Budget Committee Republican Leader Smith

 

BY THE NUMBERS: DEMOCRAT SPENDING Despite Democrats' claims they are cutting the deficit, Joe Biden has set records for the most spending & debt in a President’s first 20 months in office:
  • $10 trillion increase in spending above what was projected when Biden took office.
  • $6.5 trillion growth in mandatory spending since Biden took office, the most added in a single Congress.
  • $3.4 trillion debt increase since Biden took office.

 

LOOKING AHEAD: HISTORIC DEBT Biden’s future plans, as laid out in his FY 2023 budget, would massively increase – not cut – spending, and deliver more debt, over the next decade:
  • $73 trillion in spending – a 66% increase over the previous 10 years
  • $16 trillion in new public debt
  • $1.6 trillion average annual deficits
    • Deficits would be $600 billion higher than annual deficits over the last 10 years

 

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