{"id":1904431,"date":"2023-03-24T14:11:00","date_gmt":"2023-03-24T18:11:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/omb-director-young-defends-bidens-budget-plan-at-house-budget-committee-hearing\/"},"modified":"2023-03-24T14:14:39","modified_gmt":"2023-03-24T18:14:39","slug":"omb-director-young-defends-bidens-budget-plan-at-house-budget-committee-hearing","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/omb-director-young-defends-bidens-budget-plan-at-house-budget-committee-hearing\/","title":{"rendered":"OMB Director Young Defends Biden\u2019s Budget Plan at House Budget Committee Hearing"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fomb-director-young-defends-bidens-budget-plan-at-house-budget-committee-hearing%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1904431&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"post_content\">\n<p>While talks between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) about spending cuts as a condition for increasing the debt ceiling remain at a stalemate, House Republicans and Democrats are divided in their viewpoints about Biden\u2019s fiscal year 2024 federal budget proposal.<\/p>\n<p>On March 23, Office of Management and Budget Director Shalanda Young testified before the House Budget Committee and defended the president\u2019s $6.9 million budget plan that calls for multiple tax increases.<\/p>\n<p>Among the hikes include elevating the corporate tax rate from 21 percent to 28 percent, raising capital gains taxes on incomes of more than $1 million from 20 percent to 39.6 percent, and increasing the top income tax rate\u00a0from 37 percent to 39.6 percent for Americans earning more than $400,000 a year.<\/p>\n<p>Biden\u2019s proposal also calls for expanding the tax rate on foreign earnings of U.S. companies from 10.5 percent to 21 percent, moving the Medicare surtax from 3.8 percent to 5 percent on Americans making more than $400,000 a year, and debuting a 25 percent minimum tax on people with income and assets of more than $100 million.<\/p>\n<figure id=\"attachment_4708527\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript> White House Office of Management and Budget Director Shalanda Young in Washington on April 11, 2022. (Anna Moneymaker\/Getty Images)<\/figcaption><\/figure>\n<p>Opening remarks by House Budget Committee Chairman Jodey Arrington (R-Texas)\u00a0and ranking member Brendan Boyle (D-Pa.), illustrated the vastly differing opinions of Biden\u2019s performance and FY 2024 budget plan.<\/p>\n<p>In Biden\u2019s first two years, Arrington explained, the administration has spent $10 trillion, and the national debt has increased by $6 trillion.<\/p>\n<p>\u201cNo one can look at our nation\u2019s balance sheet or economic outlook and not shudder to their core at the rapid deterioration of our nation\u2019s financial health, and our unsustainable spending and debt trajectory,\u201d Arrington added.<\/p>\n<p>\u201cOn March 9, the president had the opportunity to recognize this sober and grim economic reality, reverse course and show the American people that he understood the painful results of his failed policies,\u201d Arrington said. \u201cInstead, President Biden doubled down on his reckless spending, radical policies, and the woke and bloated bureaucracy that is bankrupting our nation.<\/p>\n<p>\u201cI agree that budgets aren\u2019t just numbers on a balance sheet. They are about values and principles,\u201d Arrington added. \u201cAnd based on the president\u2019s most recent budget, it\u2019s clear to me that he values, and this administration values, a bigger, more radical, and more powerful federal government over the freedom, safety, and economic security of his fellow Americans.\u201d<\/p>\n<p>Boyle started his opening comments by saying, \u201cWhat a difference two years and two months make. Under President Biden and Congressional Democrats\u2019 leadership, we have rolled out vaccines and testing, seen a record 12 million new jobs, unemployment at 50-year-plus lows, and have had the strongest manufacturing recovery in this century.<\/p>\n<p>\u201cDemocrats have proven that Congress can deliver for the American people while promoting fiscal responsibility: from galvanizing a record-breaking and world-leading recovery from the COVID pandemic to rebuilding our infrastructure, to making major investments in America\u2019s economic competitiveness, to passing legislation to reduce the deficit while lowering costs for American families,\u201d Boyle added.<\/p>\n<p>\u201cPresident Biden\u2019s 2024 budget is exactly the plan we need to build on this progress,\u201d he continued.<\/p>\n<p>Boyle praised multiple provisions in Biden\u2019s budget, proclaiming that it \u201clowers families\u2019 costs on everything from child care to prescription drugs, housing to health care. It upholds the promise of Social Security and strengthens Medicare for another generation.\u00a0It invests in America, in red and blue states, strengthening our communities and our economy. And it makes common sense reforms so that the wealthiest few and big corporations finally start to pay their fair share in taxes\u2014just like the rest of us.\u201d<\/p>\n<p>Young\u2019s opening remarks reflected Biden\u2019s messaging during his appearances across the country, where he frequently talks about legislative accomplishments like the infrastructure bill and the Inflation Reduction Act.<\/p>\n<p>\u201cUnder the president\u2019s leadership, we\u2019ve added more than 12 million jobs\u2014more jobs in two years than any president has created in a single four-year term. The unemployment rate has fallen to 3.6 percent, one of the lowest rates in over 50 years,\u201d Young said. \u201cWe\u2019ve taken action to lower prescription drug costs, health insurance premiums, and energy bills, while driving the uninsured rate to historic lows. And the President\u2019s economic plan is rebuilding America\u2019s infrastructure, promoting workers, and fueling a manufacturing boom that is strengthening parts of the country that have long been left behind.\u201d<\/p>\n<p>Young said that the federal deficit \u201cfell by more than $1.7 trillion\u201d during Biden\u2019s first two years in office, which represents \u201cthe largest decline in American history.\u201d<\/p>\n<p>\u201cAnd the Inflation Reduction Act will reduce the deficit by hundreds of billions of dollars more over the next decade,\u201d Young added.<\/p>\n<p>The president\u2019s FY 2024 Budget is built around four key values, Young said, which are \u201cinvesting in America, lowering costs for families, protecting and strengthening Social Security and Medicare, and reducing the deficit.\u201d<\/p>\n<p>Since the calendar turned to 2023, Biden has traveled around the country touting a decrease in inflation compared to last year. Yet February\u2019s inflation report indicated a 0.4 percent increase for the month and 6 percent for the year, or three times higher than the Federal Reserve\u2019s target.<\/p>\n<figure id=\"attachment_4607446\" style=\"width: 715px\" class=\"wp-caption aligncenter\"><figcaption class=\"wp-caption-text\"><noscript><\/noscript> Rep. Jodey Arrington (R-Texas) at SiriusXM\u2019s Congressional Veterans Forum at the Cannon House Office Building in Washington on May 23, 2017. (Tasos Katopodis\/Getty Images for SiriusXM)<\/figcaption><\/figure>\n<p>In an exchange with Young, Arrington confirmed that the 2024 budget is \u201cprojected to be $6.9 trillion, about 25 percent of the GDP.\u201d<\/p>\n<p>Arrington noted that figure of \u201c15 consecutive months of 40-year high inflation\u201d and that \u201cspending is one part of the problem that has created his record inflation.\u201d<\/p>\n<p>In response, Young said that \u201cthe largest part of the inflation story is economies coming out of pandemics.\u201d<\/p>\n<p>\u201cThat is why we\u2019ve seen inflation around the globe. So it\u2019s not one bill passed by the United States Congress and supported by the president, when you\u2019ve seen inflation levels, like we\u2019ve seen them in the UK and France,\u201d Young said.<\/p>\n<p>Spending has played a \u201csmall role\u201d in the inflation rate, Young added.<\/p>\n<p>Arrington said that spending is directly connected to inflation.<\/p>\n<p>\u201cOver the last two years, this administration\u2019s reckless spending and failed economic policies have resulted in continued record inflation, soaring interest rates, and an economy in a recessionary tailspin with the prospect of a catastrophic, and I would say irreparable, debt crisis looming over the horizon,\u201d Arrington said.<\/p>\n<p>Arrington added that the \u201c$10 trillion in spending\u201d has \u201cignited a cost of living increase in prices for working families who are struggling to survive, taxing our job creators back to their knees as they try to get back on their feet after a nationwide shutdown, paying people more to stay home than to go back to work, and waiving work requirements for able-bodied adults trapping a whole new generation of Americans in poverty.\u201d<\/p>\n<p>The GOP-led House Freedom Caucus proposed a budget that would limit discretionary funding for fiscal 2024 at the 2022 level while maintaining the current levels of defense funding in an effort to balance the federal budget in 10 years.<\/p>\n<p>The group noted that it would support increasing the debt ceiling in exchange for concessions that include eliminating the $400 billion student loan debt cancellation program, taking back unused COVID-19 funds, reducing the Internal Revenue Service backing under the Inflation Reduction Act by $80 billion, and cutting climate-related spending from the Inflation Reduction Act.<\/p>\n<p>The White House on March 20 said the House Freedom Caucus proposal is a \u201cfive-alarm fire\u201d that would \u201cbe a disaster for families in at least five key ways: endangering public safety, raising costs for families, shipping manufacturing jobs overseas, and undermining American workers, weakening national security, and hurting seniors.\u201d<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>While talks between President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) about spending cuts as a condition for increasing the debt ceiling remain at a stalemate, House Republicans and Democrats are divided in their viewpoints about Biden\u2019s fiscal year 2024 federal budget proposal. On March 23, Office of Management and Budget Director Shalanda Young<\/p>\n","protected":false},"author":492,"featured_media":1904432,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[3706,4463,4384,4549,6350,3679,3653,21388,4025],"class_list":["post-1904431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times","tag-bidens","tag-budget","tag-committee","tag-defends","tag-director","tag-hearing","tag-house","tag-omb","tag-plan"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1904431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/492"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1904431"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1904431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1904432"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1904431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1904431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1904431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}