The reaction to President Biden’s budget from Indiana’s Congressional delegation is divided along party lines. While Democrats are praising the plan that would put a minimum tax on the wealthiest Americans, some Republicans are criticizing Biden’s effort, saying it will defeat its own purpose and actually increase the nation’s debt.
“The budget will help us build a better America by investing in education, making more here at home, combatting the opioid epidemic,” said White House budget director Shalanda Young, Monday. “Here at home it includes investments to keep our communities safe, put more cops on the beat for community policing, fight gun crime and advance criminal justice reform.”
“This bold blueprint helps to lower costs for working families, create good jobs, and promote equity,” Tweeted Democratic Congressman Andre Carson, praising the budget plan.
Biden’s plan includes $5.8 trillion in spending, with a plan to reduce the deficit by $1 trillion over the next ten years, a plan that would accomplish that partly by putting new taxes on the wealthiest Americans.
“It will pay for these crucial polices by asking the ultra wealthy, the top one hundredth of one percent of Americans in terms of income, to pay an income tax that’s aligned with what most people in the work force pay,” said Andrew Bates, deputy press secretary for the president.
The plan is for people worth over $100 million to pay a minimum 20 percent income tax. Biden’s 149-page budget proposal shows that could raise an estimated $360 billion.
Criticism from Republican Rep. Larry Bucshon is that he believes the budget ignores inflation, which he says is the issue having the biggest impact on household budgets.
““Under Democrats’ one-party rule in Washington, American households are already spending $3,500 dollars more a year thanks to inflation. Instead of reining in reckless federal spending and getting inflation and our nation’s debt under control, President Biden’s budget proposes spending almost $73 trillion over the next 10 years – which is an $8 trillion dollar spending increase over the Congressional Budget Office’s base projections, continues growing our nation’s already unsustainable debt, raises taxes on American businesses that drive our economy, and keeps inflation soaring at record levels. Hoosiers simply cannot afford any more of Democrats’ one-party rule in Washington,” said Bucshon.
While the budget calls for a ten percent spending increase for the military to combat threats by Russia and China, with promises the programs will be paid for, Sen. Mike Braun also believes the budget will end up increasing the country’s debt.
“It’s a debt bomb, an inflation bomb that is gonna go off and we’re already seeing it,” he said on Fox News.
Biden’s budget proposal is not final and you can expect to hear of Congress negotiating with Biden’s budget team before a final budget is reached and passed.
