President Biden’s FY23 Budget Fast Facts
WASHINGTON – On March 28, 2022, President Biden released his fiscal year (FY) 2023 budget request. The Biden Budget is more of the same: “Shell games and budget gimmicks” to hide the fact that his plans are costly, unpopular and unrealistic.
FAST FACTS on the FY 23 Biden Budget:
- The Biden Budget is not serious about deficit reduction. In reality, it takes credit for near-term deficit reduction because emergency COVID-19 spending is going to end soon. President Biden’s partisan ARP legislation was responsible for more than $1 trillion of the deficit in 2021. The president’s own budget documents show cumulative deficits of $14.4 trillion over the next ten years.
- The Biden Budget does not put our fiscal house in order. Under the Biden plan, deficits continue climbing after 2023, culminating in a nearly $1.8 trillion deficit in the final year of the budget.
- The Biden Budget hides the cost of the doomed Reckless Tax and Spend legislation. In a weak attempt to appease Democrats who are skeptical of the Reckless Tax and Spend bill, the Biden Budget creates a phantom placeholder for the cost of the plan.
- The Biden Budget ignores our growing debt. By fiscal year 2032, gross debt jumps from $31.3 trillion to $44.8 trillion. Debt held by the public climbs from $24.8 trillion in 2022 to $39.5 trillion in 2032.
- Ignoring inflation, the Biden Budget focuses on tax hikes that will affect hardworking Americans and hurt the economy. The Biden Administration is proposing nearly $2.5 trillion in new or increased taxes.
- The Biden Budget fails once again to fund our national defense at adequate levels. Flat funding in the near-term, but proposing nominal growth of only 0.7% annually in the future, well below projected inflation. The budget restates the president’s previous position, abandoning the parity principle between defense and nondefense appropriations. This proposal ignores the world’s increasingly dangerous global security environment and the need for the United States to invest in its people and capabilities.
- Irresponsible spending and no attempt to rein it in. Over the next ten years, the Biden Budget would result in $72.7 trillion in cumulative spending – which doesn’t account for the costly Reckless Tax and Spend legislation.
- Borrowing at the expense of future generations. As a result of the Biden Budget’s reckless borrowing to finance a liberal agenda, the current net interest more than triples at the end of ten years, going from $357 billion in 2022 to $1.1 trillion in 2032.
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