The budget plan President Joe Biden unveiled on Monday would hike taxes, increase federal spending to unprecedented levels, and lock in budget deficits that average nearly $2 trillion annually for the next decade.
But possibly the craziest detail is the fact that the White House is trying to frame all of that as being an exercise in fiscal restraint.
No, really. In a “fact sheet” released alongside the budget, the White House touted how the proposal would cut the deficit by $3 trillion over the next 10 years. “Strong and shared growth that benefits all Americans isn’t just good for working families and the economy; it will also lead to better fiscal outcomes,” the administration claims, adding that Biden believes “long-term investments in our nation and its people should be paid for.”
Someone in the White House might want to Google what the phrase “paid for” actually means, because Biden’s budget assumes the federal government will keep borrowing at near-record levels for the next decade.
For fiscal year 2025, which begins on October 1 of this year, Biden is asking Congress to spend $7.3 trillion while the federal government will collect just $5.5 trillion in taxes. That will necessitate borrowing $1.8 trillion to make ends meet. Over the 10-year window covered by the president’s budget plan, federal revenues would exceed $70 trillion, but Biden is proposing to spend $86.6 trillion.
This is what “paid for” looks like, apparently.
Hellbound and Down 