What’s In Biden’s Budget?

A BLOATED BUDGET THE MIDDLE CLASS WILL PAY FOR

Today Biden released a massive budget that calls for $6 trillion in federal spending this year, an unhinged-from-reality progressive wish-list.
- The Biden White House attempted to bury their own budget by releasing it on the Friday afternoon before Memorial Day.
Biden’s budget will raise taxes on the middle class by allowing President Trump’s tax cuts for low- and middle-income Americans to expire.

RECORD SETTING DEBT EVERY YEAR

Committee for a Responsible Federal Budget: “Debt under the budget would hit new records almost every year.”
Under Biden’s budget, federal debt as a share of the economy would rise to its highest level in history by 2024, eclipsing a World War II-era record.
- Debt held by the public will rise to 117 percent of GDP by the end of FY 2031.
- This comes at a time when 75 percent of Americans are worried about the federal debt.
Biden’s budget will add $1.3 trillion to the deficit over the next decade.
- Under this budget, the national debt would be $39 trillion by 2031.

MASSIVE SPENDING INCREASES

By 2031, spending would increase to $8.2 trillion, more than double what it was in any year of the Obama Administration.
- Economists have warned trillions in new federal spending is a recipe for inflation, meaning higher prices for Americans.
- Inflation indicators are already “flashing red alarm,” with the measure of inflation most watched by the Fed surging to the highest since 1992.
Under this budget, federal spending will exceed $45,000 per household.

BIDEN’S BUDGET PUTS AMERICAN SECURITY AT RISK

Biden’s budget requests no new funding for the Department of Homeland Security (DHS) at a time when border crossings are at a 21-year high, an insult to our Border Patrol officers and immigration officials.
When accounting for inflation, Biden’s budget cuts defense
- Under Biden’s budget, by 2031, the U.S. would spend more on servicing our debt than our military by 2031.
Under Biden’s budget, federal resources would significantly shift away from the military.

PRIORITIZING A PROGRESSIVE WISH-LIST

Biden’s budget would use taxpayer money to fund abortions, a policy that a majority of Americans oppose.
- It also proposes reinstating funding for the U.N. Population Fund, which supports abortion and forced sterilization in China.
At a time when energy and gas prices are surging, Biden’s budget seeks to place $146 billion in taxes on traditional energy.
The budget includes the permanent extension of new Obamacare subsidies, which mainly benefits the rich.
Biden’s budget also includes other far-left priorities:
- $400 million that can be used by state and local governments to establish gun buyback programs.
- $1.4 billion to pursue “environmental justice.”
- $2.4 billion to electrify Postal Service vehicles.
- $1.2 billion for the Green Climate Fund.
The budget proposes a retroactive change to the capital-gains tax, likely to slow down economic activity.

THE COST OF BIDEN’S PLANS ARE EVEN HIGHER THAN WHAT THE WHITE HOUSE SAYS

Biden’s budget calls for radical health care proposals including the creation of a public option, but the White House failed to estimate how expensive they are, hiding the real cost to taxpayers.
Manhattan Institute Senior Fellow Brian Riedl: “This budget does not even include additional spending and debt proposals that are coming later … [D]uring last fall’s campaign, Biden also proposed trillions in new spending for health care, Social Security, Supplemental Security Income, climate change, college aid, and other priorities. The White House has signaled that these new spending initiatives are still in the pipeline.”