President Joe Biden just proposed a budget that would massively expand government spending and trigger a major deficit crisis through this term and half of the next, according to Breitbart News.
The proposal was put forward on Friday to extend extreme deficit spending in what some experts expect to be around five percent higher than the national Gross Domestic Product.
These levels are the kind of measures usually only seen in extreme cases, such as when the country suffers a recession or other catastrophic event. The effects of the decision are expected to have a ripple effect that will reach into 2027.
Republicans have been pulling back on the reigns of what many consider runaway spending on the part of the Democratic-controlled Congress and White House.
Though Republicans and Democrats are both committed to fixing the economy as best they can in the aftermath of the coronavirus pandemic, according to a report in The Washington Examiner, there Republicans feel Biden is spending out of control:
“Four months into Biden’s presidency, the cost of everyday goods is spiking at historic rates, there are still 8 million fewer jobs than before the pandemic, and now the Biden administration is pushing for World War II-era levels of spending that would put the country further into debt,” said Whitney Robertson of the conservative America Rising PAC in a statement.
“Joe Biden’s stifling economic policies are squandering the recovery he inherited and hard-working Americans are paying the price.”
Brooke Rollins, CEO of the pro-Trump America First Policy Institute also weighed in saying that “The Biden Administration’s proposed FY 2022 budget is an admission of failure.
“According to this budget, the Administration’s policies will burden our country with unprecedented levels of debt, and slow economic growth. It is in effect a return to the days of stagnation and malaise: a 1970s budget and mindset that misses the needs and challenges of the 2020s.”