Washington, D.C. – Today, Speaker Kevin McCarthy (CA-20), Majority Leader Steve Scalise (LA-01), Majority Whip Tom Emmer (MN-06), and Republican Conference Chairwoman Elise Stefanik (NY-21) issued the following statement:
“President Joe Biden’s budget is a reckless proposal doubling down on the same Far Left spending policies that have led to record inflation and our current debt crisis.
“Yesterday, Republicans and Democrats heard from the Director of the nonpartisan Congressional Budget Office and our worst fears were confirmed – after passing trillions of dollars in new deficit spending that we cannot afford, over the next 30 years, the national debt will be nearly twice the size of the entire economy. In the next ten years, the federal government will spend over $10 trillion on interest alone.
“We must cut wasteful government spending. Our debt is one of the greatest threats to America and the time to address this crisis is now. Yet, President Biden is proposing out of control spending and delaying debt negotiations, following his pattern of shrugging and ignoring when faced with a crisis.
“Despite the federal government collecting as much in taxes from American families as at any point in our history, federal spending is rising even faster and our debt is soaring, burdening hardworking families across America. For every dollar the federal government takes in, we spend $1.29. Under CBO’s new projection, that number will go up to average $1.34 over the next ten years. This is a spending problem, not a revenue problem. Yet President Biden’s unserious budget proposal includes trillions in new taxes that families will pay directly or through higher costs.”