T-minus One Week Until Biden Drops FY2025 Budget Bomb
President Biden’s FY25 budget request is expected to drop March 11, 2024—a week from today, and 35 days after the legal deadline.
In case you’ve forgotten, see below for some of the highlights from last year’s budget while we wait for the next tranche of reckless tax and spend from the Biden Administration.
By the Numbers:
Last year, President Biden’s FY 2024 budget request had the highest sustained levels of taxes, spending, and deficits in American history.
$82 trillion in spending over ten years; annual spending is equivalent to $100,000 per family of four, or $1 million over the ten-year budget.
$18.9 trillion increase in projected spending compared to when President Biden took office.
$870 billion is currently spent servicing our debt—given projected outlays, net interest payments will surpass what we spend on defense this year.
Annual interest payments will balloon to $1.3 trillion ten years from now. Nearly 4 times the level in 2020, before Biden took office.
$65 trillion in taxes over ten years – the highest sustained level in American history.
$4.7 trillion of proposed tax increases over the next ten years – the largest nominal tax increase in American history.
$19 trillion in higher debt, which would increase the gross federal debt to $51 trillion by 2033.
Biden’s FY 2024 budget proposal also doubled down on radical progressive policies:
$11.9 billion at the Department of Energy for “climate and clean energy research, development, demonstration, and deployment.”
$3.9 billion to fund the Department of Homeland Security’s “climate resilience programs.”
$8.2 billion at the State Department “to advance diversity, equity, inclusion, and accessibility” and funding “to recruit, retain, and develop a diverse…..workforce.”
$2.6 billion for the Department of Transportation to address “environmental justice concerns and climate change by providing a funding source for transportation projects and programs.”
$1.8 billion across the Environmental Protection Agency to “clean up pollution, advance racial equity, and secure environmental justice for communities… [facing] impacts of climate change.”
$705 million for the Department of Health and Human Services to support “administration priorities such as racial equity, environmental justice, and climate change.”
$100 million at the Department of Education in grant funding for communities to “promote racial and socioeconomic diversity in their schools."
The Bottom Line:
Our over $34 trillion debt makes it clear that Washington’s budget process is broken. American families deserve an alternative to endless debt, high taxes, price hikes and partisan pet projects.
House Budget Republicans are working to provide an alternative to the status quo by:
- Right-sizing the Bloated Bureaucracy
- Reversing Biden’s Spending Spree
- Reining-in Runaway Mandatory Spending
- Rooting Out Waste and Fraud in Entitlement Programs
- Reigniting Growth and Prosperity
Read more HERE.
