Bankruptcy

House Tories slam Biden’s budget on the verge of bankruptcy, present separate plan for “fiscal stability”

FIRST ON FOX: Largest House Conservative caucus releases new playbook to fight President Biden’s $ 6 trillion budget proposal, calling for abortion provisions, tax hikes and expansion of “the welfare state”.

The Republican Study Committee (RSC) shares a new document Tuesday afternoon, first obtained by Fox News, to its members and GOP staff to show a clear contrast between Biden’s massive spending vision for the America and the conservative RSC budget that balances in five years.

“When these two budgets are placed side by side, voters will see that the RSC budget reflects American values ​​and presents a vision for responsible and limited government,” the Indiana GOP representative told Fox News, Jim Banks, President of the RSC. “On the flip side, the Biden budget shows Democrats embracing a socialist vision for this country.”

HOUSE REPUBLICS REVEAL RESPONSE TO BIDEN BUDGET, SAYS HE COULD ELIMINATE DEFICIT IN 5 YEARS

The Republican Study Board is circulating the side-by-side comparison between Biden’s budget and his own previously released budget so members can present a clear contrast to voters at home during their two-week break from Congress. The choice is between a “path to bankruptcy and inflation” under Biden or “fiscal stability” under GOP governance, according to the RSC.

The RSC memo divides the two budgets into seven key areas to give voters a comparison on issues such as taxes, senior benefit programs, health care and social issues.

On abortion, for example, Biden’s budget “doubles on the left’s pro-abortion agenda” while the GOP’s vision is the “most pro-life budget ever,” the memo reads. The Biden budget “dramatically expands the welfare state” compared to the RSC budget which focuses on “promoting work”. The Biden budget “never balances” and raises taxes while the RSC budget “balances in 5 years” and reduces taxes, the memo said.

BIDEN PROPOSES A $ 6T BUDGET THAT KEEPING DEFICITS CLOSE TO HIGHEST RECORDS

Dueling budgets are unlikely to become law, but set higher priorities for each part of their priorities and vision for the country. Biden’s $ 6 trillion budget pushes a broad economic agenda to dramatically expand the government-funded social safety net, while pushing public-held debt to the highest levels since World War II.

Biden’s proposal includes a steady demand of $ 1.5 trillion for defense and national government operating spending, as well as two major public policy initiatives: his US plan for $ 2.3 trillion jobs. dollars and the US plan for families of $ 1.8 trillion. Both of these plans are designed to make major investments in human and physical infrastructure and to expand the social safety net with spending on education, child care and paid family leave. Biden proposes to fund the new spending by raising taxes for wealthier Americans and corporations.

PROGRESSIVE THINKS LATEST PLAN FOR BIDEN’S $ 1.8T FAMILIES IS NOT BIG ENOUGH

In contrast, the RSC’s $ 4.7 trillion 2022 budget would cut taxes by $ 1.9 trillion and balance spending over five years by cutting discretionary programs, reforming Medicaid and the Medicare program for children (CHIP) in block grants and instituting “zero benchmark budgeting”. The budget also increases the retirement age for Social Security and the age of eligibility for Medicare in an effort to put the federal budget on a path to sustainability.

Fox News’s Tyler Olson and Megan Henney contributed to this report.