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President Biden released his federal budget plan, which, according to the House Majority Budget Committee, would raise our current $34 trillion-dollar national debt to nearly $53 trillion in just 10 years – a 55 percent increase. Biden’s budget spends a historic $7.3 trillion, a sharp increase over the $6.1 trillion the federal government spent last year.  

“There’s NO plan to reduce spending or balance the budget,” said Congressman Bill Posey. “The President’s budget will continue massive deficits which are a key driver of inflation and higher interest rates. Congress must reject this plan.” 

Further, Biden’s plan creates a host of spending nightmares such as:

Proposing a whopping $86.6 trillion in spending over 10 years

Creating the largest tax increase in history - $4.9 trillion.

Allocating another record $104 billion in funding to the IRS to further monitor American taxpayers;

Spending $12.2 trillion in interest payments ALONE, which is over $2 trillion more than the ENITRE defense budget; and

Failing to secure the southern border while funding catch-and-release immigration policies.

The budget plan raises American energy costs while undercutting American energy independence by imposing $120 billion in new taxes on American-made energy. Ironically, the tax increase on American energy comes on the heels of President Biden vetoing Congressman Posey’s bipartisan bill that would have blocked the Administration’s tariff (tax) relief for Chinese-made solar panels.  

Since coming to Congress, Congressman Posey has opposed nearly 90% of all final funding bills because they failed to address the growing national debt. Washington has a responsibility to leave a better nation for our children and grandchildren, “not one on the brink of economic collapse,” said Posey.