According to Bob Hoge:
“Biden has shown little enthusiasm in bargaining, and McCarthy has put up a budget plan that would exchange expenditure reductions for a higher borrowing ceiling. With a $6.9 trillion monster budget that would spend $1.8 trillion more than it would bring in, the president has his own plan. He asserts that significant additional taxes would cover the shortfall and even reduce the deficit.”
In other words, despite the fact that his spending has already resulted in record inflation and crushed American households’ finances, Biden wants to carry on spending like it is about to go out of style. It is absurd to say that he would be able to keep on spending thanks to big additional taxes. Again, how would he act differently if his goal was to push us down a cliff? Not a whole lot, really.
Biden answered a number of questions from reporters after the meeting and demonstrated exactly how naive he is about the matter. According to a reporter, House Speaker Kevin McCarthy had not received any responses from Biden on any budget cutbacks in what he was suggesting. Biden yelled at the reporter because she had the audacity to pose such a question.
McCarthy allegedly received a particular response from Biden, but the president told the reporter, “You didn’t pay attention either, so why should I bother answering the question?” He wasn’t suggesting any cutbacks and didn’t have a response. It is up to him to suggest cutbacks because it is his budget and not McCarthy’s. Insisting that he had reduced the deficit by $160 billion was all Biden said. “Billion! B-I-L-L-I-O-N.”
The Washington Post has previously called Biden a “bottomless Pinocchio” for his repeated false statements on reducing the deficit.
“For instance, the anticipated deficit for 2022 was $1 trillion, whereas the actual deficit was closer to $1.375 trillion. In 2021, it was projected to shrink by $875 billion, but under Biden, it only decreased by $360 billion. In all, Biden added nearly $850 billion more to the national debt than anticipated in those two years,” according to Kessler.
Biden lashes out at a reporter for asking him about budget cuts: "You didn't listen either, so why should I even answer the question? We cut the deficit by $160 billion! Billion! B-I-L-L-I-O-N." pic.twitter.com/BIRKt6DSET
— RNC Research (@RNCResearch) May 9, 2023
“Kessler went on to cite Marc Goldwein with the Committee for a Responsible Federal Budget, who determined that inflation had a negative impact on projected GDP and that, as the fiscal year 2022 concluded in September, the deficit turned out to be a staggering 5.5 percent of GDP within 2022, considerably greater than the CBO forecasts at the beginning of 2021.”
“Furthermore, Biden has passed legislation that will force the federal government to rely on borrowing even more money, such as the bipartisan infrastructure package ($370 billion in extra deficits over 10 years), the CHIPS Act for semiconductor production growth in the United States ($80 billion), and relief from student loan debt and repayment pauses ($750 billion), as well as disability and health benefits for veterans that were exposed to toxic substances ($280 billion),” according to Kessler.