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 March 12, 2023

Democrats and Republicans have "fired their first shots" in looming battle over federal budget

According to the Daily Wire, Republicans and Democrats have recently "fired their first shots" in the upcoming federal budget showdown. 

This comes as U.S. President Joe Biden just released his budget proposal for the 2024 Fiscal Year.

In that proposal, which can be read in its entirety here, Biden looks to increase the federal budget by over $1 trillion, from $5.8 trillion to $6.9 trillion.

Biden claims that his proposal is “a blue-collar blueprint to rebuild America in a fiscally responsible way that leaves no one behind.”

A big question, of course, is how exactly is America going to pay for that $6.9 trillion budget. The economy, after all, has not been in great shape under Biden and his fellow Democrats' leadership.

Biden claims that his budget will look to achieve all of its goals while, at the same time, lowering deficits by nearly $3 trillion over the next decade."

"How?" you may ask. The answer is tax hikes.

The Daily Wire explains Biden's plan, writing:

Households with more than $100 million in wealth would be subjected to a 25% minimum tax, while the top marginal tax rate would also be increased to 39.6% from the current 37% rate. Businesses would see an increase in the corporate tax to 28%, which would split the difference between the current 21% rate and the previous 35% rate that was in effect before the Tax Cuts and Jobs Act of 2017.

Republicans, as you may have guessed, are not exactly on board with Biden's proposal. And, now that the Republicans have control over the U.S. House of Representatives, they may be able to do something about it.

Soon after Biden released his budget proposal, House Speaker Kevin McCarthy (R-CA) put out a statement criticizing BIden's plan.

McCarthy tweeted:

President Biden just delivered his budget to Congress, and it is completely unserious. He proposes trillions in new taxes that you and your family will pay directly or through higher costs. Mr. President: Washington has a spending problem, NOT a revenue problem.

This all comes amid McCarthy and Biden's negotiations over the debt ceiling, a congressionally imposed measure that stops the federal government from spending in excess of $31.4 trillion.

Going forward, the question is going to be how McCarthy may be able to use the Republicans' control of the House as leverage to get Biden and the Democrats to walk back some of the astronomical spending that we have seen from them since Biden took office.

It's unclear how this is all going to play out. But, it's clear that Republicans, under McCarthy's leadership, are poised to stop Biden and the Democrats from getting their own way.

Written By:
Oliver Winters

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