Staff Reports
President Biden’s FY 2024 budget proposal has been met with criticism from the Committee for a Responsible Federal Budget (CRFB), a nonpartisan, nonprofit organization that focuses on educating the public on issues related to fiscal policy, budget deficit, and national debt. The CRFB has identified several policy proposals in the budget that would add to the debt, including the expansion of Medicare, the expansion of affordable housing programs, and the extension of the expanded child tax credit.
I’ve now laid out my budget.
Republicans in Congress should do the same.
— President Biden (@POTUS) March 10, 2023
The CRFB estimates that the proposal would increase the federal debt to 117% of GDP by 2031, surpassing the previous record set during World War II. The group wrote, “It is disappointing that the President continues to propose trillions of dollars in new spending and tax breaks without a plan to put our debt on a sustainable path.” The CRFB also warns that the proposal’s reliance on tax increases and assumed economic growth to balance the budget is risky and fails to address long-term fiscal challenges.
On my watch, millions enrolled in Affordable Care Act coverage got better coverage and lower prices, some saving $800 a year.
My budget makes those savings permanent.
— President Biden (@POTUS) March 10, 2023
The CRFB’s analysis of President Biden’s FY 2024 budget proposal is concerning for conservative Republicans who are worried about the long-term fiscal health of the country. The CRFB’s warnings about the proposal’s reliance on tax increases and assumed economic growth to balance the budget should be taken seriously. The CRFB recommends that policymakers address the long-term fiscal challenges facing the country by reforming entitlement programs, improving the tax system, and reducing wasteful spending.
Unfortunately, President Biden’s proposed budget does not appear to take these recommendations into account. Instead, it relies on optimistic economic assumptions and fails to address long-term fiscal challenges. This is a troubling sign for conservative Republicans who are concerned about the future of our nation’s fiscal health.
The CRFB’s analysis of President Biden’s FY 2024 budget proposal is a stark reminder that our nation’s fiscal health is in serious trouble and that we must take action now to address our long-term fiscal challenges. Conservative Republicans must continue to advocate for responsible fiscal policies that will put our nation on a sustainable path for the future. We cannot afford to ignore this warning from the CRFB and must take action now to ensure our nation’s long-term fiscal health.
