Congressman Doug LaMalfa released the following statement after President Biden submitted his fiscal year (FY) 2023 request to Congress today.
“The American people are being crushed under the weight of President (Joe) Biden’s economic crisis and soaring inflation rate,” LaMalfa said. “Instead of addressing, or even trying to mitigate, these concerns, his proposed budget plan only doubles down on his administration’s failed policies. If you think inflation is bad now, this plan is estimated to grow our national debt by $15.7 trillion by FY 2032. The Congressional Budget Office estimates that without this plan, the national debt would only increase by $12.8 trillion for that same timeframe. This $3 trillion increase will only compound and amplify the effects of inflation.
“Biden’s budget proposal also calls for more than $2.5 trillion in tax hikes to high income earners and large corporations over a decade, on top of the nearly $1.5 trillion of increases included in the House’s version of the Build Back Better plan. This would be the largest tax hike in history, but it includes many major increases that have already been rejected by members of his own party. If passed, these additional funds won’t even go towards righting our nation debt, it will only be used for more unnecessary government spending sprees.
“After continuously assaulting domestic energy production, his plan allocates $50 billion to egregious green new deal programs, including $11 billion in U.S. tax dollars for projects overseas.
“Biden’s proposal shows that he has learned nothing from his failed policies, and has no idea about the struggles the American people have gone through under his leadership. More spending, more debt, and more taxes only lead to more suffering for the American people.”