This week, President Biden unveiled his budget proposal for Fiscal Year 2023. His plan outlines $7.3 trillion of government spending annually over the course of the next decade. This represents a 12 percent increase in funds for non-defense federal agencies and comes at a time when our country is over $30 trillion in debt.
There is no doubt that authorizing nearly $7 trillion in new spending last year has led to the worst inflation crisis in over 40 years. This February, the price of everyday consumer goods rose nearly 8 percent from a year ago, including basic necessities like groceries, gas, and housing.
Instead of ignoring our deficit and debt, we should be working to reverse the growth of spending and inflation. This budget would exasperate the problem, not solve it.
The immense size of this budget proposal is of grave concern to me. Here are a few key highlights:
- $73 Trillion in Spending
- Marks an 66 percent increase over previous 10 years
- $58 Trillion in Taxes
- Marks an 80 percent increase over previous 10 years
- $16 Trillion in New Public Debt
- An estimated $1.6 trillion in new debt every year
Through this proposal, President Biden has signaled his priorities to the American people. He would rather pitch the largest tax hike in American history before he considers stopping wasteful government spending.
Now, more than ever, is the time to have serious conversations about the direction of our country. Members of Congress who wish to spend more and more each year must realize that this kind of reckless spending is unsustainable and will leave our children and grandchildren with a great burden, not to mention adding to the soaring prices of cars, gas, and groceries we are already seeing right now.
As a Member of the House Budget Committee, I will continue to fight for common-sense cuts and other solutions on how to curb unnecessary spending. Democrats currently control both the executive and legislative branch of government. I welcome them to join me at the table and work in a bipartisan manner on behalf of all Americans to ensure we leave a financially healthy country for our next generation.
