Biden’s Plan To Spend Even More

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Gage Skidmore from Peoria, AZ, United States of America, CC BY-SA 2.0 , via Wikimedia Commons

Is this too much spending?

On Monday President Biden revealed his ambitious proposal that would seek to reduce the country’s deficit within the next decade. Within the proposal, one can see tax increases for the wealthy and increases in both military and domestic programs which will be included in the $5.8 trillion funding plan for fiscal 2023 year. 

According to the White House, the budget in combination with the increases in taxation on billionaires would help reduce the deficit by more than $1 trillion over the next 10 years.

“Budgets are statements of values, and the budget I am releasing today sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America,” Biden said.

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According to the Office of management and Budget Director Shalanda Young, “Because those discussions with Congress are ongoing, the budget does not include specific line items for investments associated with that future legislation.”

Notably, the budget also fails to include measures that would offset future Build Back Better legislation costs.

However, Young did say that the budget does include a reserve and follows Biden’s three principles of reducing the costs for families, growing the economy’s productive capacity, and reducing the deficit.

“The deficit-neutral reserve fund is meant to leave the space, the revenue specifically, to allow congressional negotiators the room to do what President Biden has asked,” she said.

Typically, Presidential budgets do not get passed by Congress, but they can act as an indication of the priorities of the administration for the fiscal year that is coming up.

The budget suggested, shows a strong emphasis on increasing international and domestic security and requesting $773 billion to be spent on defense spending. There is also $1 billion that is to be given to Ukraine in assistance and $6.9 billion for the European Defense Initiative and NATO.

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