Quick Hit

House Republican leaders have criticized President Biden's proposed budget for fiscal year 2025, citing concerns over increased spending and tax hikes. The budget, which is largely symbolic and unlikely to pass the Republican-controlled House, is part of Biden's pitch to voters as he seeks re-election.

Key Details

• President Biden's proposed budget for fiscal year 2025 totals $7.3 trillion, with plans to increase taxes on corporations and high-income households.
• The budget includes funding for progressive policies such as the American Climate Corps and the Green Climate Fund, as well as development programs in the STEM fields with an emphasis on diversity, equity, inclusion, and accessibility.
• House Republicans have proposed their own budget, led by Budget Committee Chairman Jodey Arrington, R-Texas, which aims to cut $14 trillion in federal spending over 10 years by slashing federal benefits and social programs, among other areas.

Diving Deeper

House Republican leaders, including House Speaker Mike Johnson, Majority Leader Steve Scalise, Majority Whip Tom Emmer, and GOP Conference Chair Elise Stefanik, have expressed strong opposition to President Biden's proposed budget. They argue that the budget's high price tag is indicative of the current administration's "insatiable appetite for reckless spending" and the Democrats' "disregard for fiscal responsibility."

The proposed budget includes approximately $5 trillion in tax increases, which the White House has stated would be split evenly between corporations and the top 2% of earners. This has drawn criticism from Republicans, who argue that such tax hikes would exacerbate the financial struggles of Americans already grappling with inflation and a mounting national debt, which currently stands at over $34.5 trillion.

Despite the criticism, the budget proposal reflects President Biden's commitment to progressive policies. It includes an allocation of $8 billion over 10 years to the American Climate Corps and $3 billion for the Green Climate Fund, which aids developing countries in combating climate change. Additionally, the budget proposes $1.8 billion toward boosting development programs in the STEM fields that emphasize diversity, equity, inclusion, and accessibility.

However, the budget is largely symbolic and is unlikely to pass the Republican-controlled House. Instead, it serves as a significant part of President Biden's pitch to voters as he seeks re-election in November. Meanwhile, House Republicans have advanced their own budget proposal, which aims to cut $14 trillion in federal spending over 10 years by slashing federal benefits and social programs, among other areas. This proposal also seeks to reduce taxes and roll back Biden’s green energy subsidies.

As discussions begin on the roadmap to funding fiscal year 2025, disagreements over federal spending continue to fuel historic levels of division on Capitol Hill. The remainder of the fiscal year 2024 budget must be funded by March 22 to avoid a partial government shutdown, following the passage of half of the 12 spending bills in a massive $460 billion package last week.

"Mike Johnson" by Gage Skidmore licensed under CC BY-SA 2.0 DEED.