In fairness, it won’t go anywhere. Even his Democrat Comrades in the House and Senate will simply shelve it. But, it does show his priorities in the face of inflation and other bad economic news
Biden unveils $5.8 trillion budget proposal with tax hikes, spending boosts
President Biden on Monday unveiled ambitious proposals to reduce the nation’s deficit over the next decade with tax hikes targeting the wealthy, while outlining boosts for military and domestic programs as part of a $5.8 trillion plan to fund the government for fiscal 2023.
The White House says that the fiscal 2023 budget, which includes a tax hike on billionaires and other reforms, would reduce the deficit by over $1 trillion over the next 10 years.
“Budgets are statements of values, and the budget I am releasing today sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America,” Biden said in a statement on the budget’s release.
Notably, the sweeping request avoids specific funding requests for Biden’s signature domestic policy proposal, Build Back Better, and instead includes a deficit neutral reserve fund as a placeholder for a future agreement between the administration and Congress.
“Because those discussions with Congress are ongoing, the budget does not include specific line items for investments associated with that future legislation,” Office of Management and Budget Director Shalanda Young told reporters on a call Monday morning previewing the president’s request.
In other words, it’s not so much a budget offering, but, a placeholder for whatever they want to do with massive amounts of taxpayer funds.
The budget also includes robust funding for domestic law enforcement programs, including $30 billion for state and local law enforcement, crime prevention, and community violence intervention programs and $1.7 billion for a Justice Department firearm trafficking strike force. Biden has showcased his support for law enforcement as he seeks to counter Republican efforts to paint Democrats as soft on crime.
Ah, but this will come with caveats, with more control over local and state law enforcement by the feds.
Biden proposes $3.3 billion to support clean energy projects and $18 billion for climate resilience programs.
Payoffs for “green” groups.
The budget also includes a corporate tax rate hike from 21 percent to 28 percent, which could prove a tough sell in the Senate given previous resistance from key moderates like Manchin and Sen. Kyrsten Sinema (D-Ariz.).
Raising taxes on businesses always works out great, right? No complaining, moderate Dems and #NeverTrumpers. This is what you wanted when you decided mean tweets were worse than sound fiscal policy.