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President Biden's $7.3-trillion budget proposal has sparked criticism from several lawmakers for its impact on American taxpayers and the national debt. The budget includes new taxes on ag and business assets, a high capital gains and dividend tax rate, and significant spending, leading to concerns about growing deficits and economic consequences. Lawmakers are calling for fiscal responsibility and a balanced budget to address the mounting debt crisis.
Our nation’s debt is growing alarmingly—by 2054, public debt is projected to reach 166% of GDP. To maintain a free, prosperous, and secure nation, Congress must prioritize reducing the growth of spending on healthcare and retirement benefits. https://t.co/IUfZS2EP0z #CatoEcon https://t.co/xbhkPyBDHX
Last week, I voted NO on the $1.2 trillion spending package. With a $34 trillion national debt, we cannot saddle our children with the bill. I will continue to fight to protect YOUR tax money and make sure it is not used to fund idiotic ideas. https://t.co/ZY7fE0v1RI
How out of control is US government spending? "Since 1800, there have been 52 countries that saw a Debt-to-GDP above 130%, 51 of those countries have defaulted." - @TKL_Adam with @cvpayne Currently, the US has a Debt-to-GDP ratio of 124% which is up over 20% since 2020. The… https://t.co/OyUaenXG8x