WASHINGTON, D.C. — Today, President Biden released his fiscal year 2024 budget proposal. He calls for $1.7 trillion in discretionary federal spending next year with a total budget of $6.9 trillion, half a trillion dollars above his FY 2023 budget. Under the proposed budget, debt would grow by $19 trillion to $43.6 trillion by 2033.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) issued the following statement:
“This budget proposal is rightly dead on arrival. The President is not serious about controlling reckless spending now or pursuing bipartisan reforms that can stabilize the future of our entitlement programs and preserve benefits for those who truly need them.
“Instead, his priorities include: jacking up federal spending–which triggered inflation in 2021–by running up the national debt another $19 trillion; hammering American businesses–big and small–and households, who already shoulder the lion’s share of the federal tax burden, with new taxes and increased tax rates; jamming through pricey Build Back Better agenda items that even some Democrats opposed; and funding the IRS to bury entrepreneurs and individual households with new audits.
“Tough conversations need to be had with the American people about the future of Medicare, Medicaid, and Social Security. Budget estimates project that Medicare will be unable to cover its bills in five years as this program grows more expensive by the year and an aging population increases the demand for health care. By avoiding spending cuts or cost-controlling reforms to Medicare and other entitlement programs, the president demonstrates he is not serious about the goal of preserving these programs for the future.
“Inflation is still too high. This budget would accelerate inflation by raising the costs of doing business and injecting more cash into the economy. Americans simply cannot afford this irresponsible and ill-conceived budget.”