Grassley says President Biden’s budget is DOA

WASHINGTON — Iowa Senator Chuck Grassley predicts President Biden’s just-released budget for fiscal year 2025 will need to be rejected in order to, in Grassley’s words, “rescue future generations from even greater economic harm.”

“It’s dead on arrival, D-O-A,” Grassley says. “It’ll never get a majority vote. I just think that it’s an outline that we start with, and presidents propose and Congress disposes.”

Grassley, a Republican, calls the administration’s fiscal and regulatory record “irresponsible,” saying it’s “wreaked havoc on our economy.” Were it to be approved, he says the Biden budget would be sure to yield severe long-term consequences.

“Its contents can be summed up in a single word, let’s say two words: very, very costly,” Grassley says, “three words, I guess.”

Grassley says the president’s spending plan will bring trillions of dollars in tax hikes, saying Biden is planning to let the 2017 Tax Cuts and Jobs Act expire next year.

“This would hike taxes for Americans who make less than $400,000 a year, a direct violation of the president’s pledge not to increase taxes on the middle class,” Grassley says. “In fact, you know, this would be the biggest tax increase in the history of the country.”

Grassley says the country needs to reverse course and address the ballooning national debt, though he says the Biden budget would drive up that debt by $16 trillion over the next decade.

“Somebody’s going to be asking me down the road here, ‘Grassley, what are you doing about the $50 trillion national debt we have?’” he says. “Well, we can’t let that happen, but it would happen if this president’s budget went into effect.”

According to Grassley, “thanks to Bidenomics, families will pay thousands of dollars more every year just to cover higher costs of living,” and he says the budget offers “crumbs” for the Pentagon by limiting defense spending so it won’t even keep up with inflation.