WASHINGTON (Reuters) – U.S. President Joe Biden on Thursday delivered a budget proposal that includes a robust spending agenda, higher taxes on the wealthy and plans to reduce the deficit, a document that forms the blueprint for his expected 2024 re-election bid.
Here is reaction to Biden’s budget proposal to Congress for the 2024 fiscal year:
U.S. House Budget Committee Chair Jodey Arrington, Republican from Texas:
“His policies have led to 40-year record inflation, soaring interest rates and the prospect of a sustained economic recession. Unfortunately, Biden’s latest budget is more of the same bloated bureaucracy at the expense of working families, while sticking our grandchildren with the bill.”
U.S. House Democratic Leader Hakeem Jeffries:
“The Biden budget plan protects Social Security, strengthens Medicare and invests in our children. House Republicans continue to hide their extreme plans from the American people.”
U.S. House Speaker Kevin McCarthy, House Majority Leader Steve Scalise, House Majority Whip Tom Emmer and Republican Conference Chair Elise Stefanik in a joint statement:
“President Joe Biden’s budget is a reckless proposal doubling down on the same Far Left spending policies that have led to record inflation and our current debt crisis.”
Republican U.S. House Member Ben Cline of Virginia on Fox Business:
“I think his budget in the Republican House of Representatives is going to be about as popular as Pete Buttigieg in East Palestine, Ohio. I don’t think it’s going to get a, well, very good reception. His tax increases are dead on arrival. We’re working on a budget that is going to get rid of the woke and weaponized government that Joe Biden has been pushing for years now.”
U.S. Senate Majority Leader Chuck Schumer:
“The president’s budget is set to be a bold, optimistic, and serious proposal for strengthening our economy and creating opportunities to climb into the middle class, as well as helping people stay there once they get in the middle class.”
Congressional Progressive Caucus Chair Pramila Jayapal:
“This budget would advance priorities progressives have been pushing for years, and continue the unfinished work from the president’s 2022 agenda. ….. There are also a few places where we need to do better, and ensure record levels of funding come alongside real accountability, particularly for immigration and defense.”
Republican U.S. Senator Chuck Grassley of Iowa:
“Even with near-record revenues, President Biden wants to raise taxes on every segment of America. Under his plan, the government’s bite out of the economy would be the largest since World War II. And despite all that, he’s somehow managed to continue adding to our national debt at a breakneck speed. It’s an unserious proposal, and will be treated as such by both parties in Congress.”
Josh Bivens, Economic Policy Institute, director of research:
“If there’s a quibble on the tax side, it’s that it doesn’t ask enough of plenty of American households who could afford to pay more.”
U.S. Chamber Of Commerce Executive Vice President Neil Bradley:
“The administration’s proposed budget is a recipe for economic and fiscal disaster. Nearly $2 trillion in spending increases would result in an economy where one out of every four dollars is government spending. An unprecedented $5 trillion in tax increases would hit businesses of all sizes and lead to lower wages for working Americans.”
U.S. Senate Armed Services Committee Chair Jack Reed, Democrat from Rhode Island, on Biden’s $886 billion in proposed national defense spending:
“This topline request serves as a useful starting point.”
U.S. House Armed Services Committee Chair Mike Rogers (NYSE:ROG), Republican from Alabama:
“A budget that proposes to increase non-defense spending at more than twice the rate of defense is absurd. The president’s incredibly misplaced priorities send all the wrong messages to our adversaries.”
Source: Economy - investing.com
