Senator John Kennedy said during a hearing of the Senate Appropriations Committee that the federal debt, currently set at $33 trillion, was slated to climb by $18 trillion over ten years
Senator John Kennedy said during a hearing of the Senate Appropriations Committee that the federal debt, currently set at $33 trillion, was slated to climb by $18 trillion over ten years, rising to...
Senator John Kennedy said during a hearing of the Senate Appropriations Committee that the federal debt, currently set at $33 trillion, was slated to climb by $18 trillion over ten years, rising to $51 trillion by 2033. President Joe Biden’s new budget for next year is $6.9 trillion, which is about $500 billion higher than it is for this year. Since 2019, the government budget has increased by 55%. Biden released a proposed budget for fiscal year 2024 that included over $4.7 trillion in new tax increases, including a 20% hike in the capital gains tax rate and a 7.6% increase in the top income tax rate.
Republican Sen. John Kennedy of Louisiana grilled Treasury Secretary Janet Yellen Wednesday on what level of debt was “unsustainable.”
“So, what the president is saying is — these are my words, not his — because of his budget, we’re going to have three heart attacks and a stroke instead of four heart attacks and a stroke,” Kennedy said during a Wednesday hearing of the Senate Appropriations Committee, noting that the federal debt was slated to climb by $18 trillion over ten years.
President Joe Biden released a proposed budget for fiscal year 2024 March 9, which included over $5 trillion in new tax increases, including a 20% hike in the capital gains tax rate and a 7.6% increase in the top income tax rate.
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