Yakym pushes back on President Biden’s budget plan

WASHINGTON (WNDU) - President Biden’s budget proposal, which he rolled out on Thursday, is already being dismissed by Republicans.

President Biden’s plan aims to cut deficits by nearly $3 trillion over the next decade, but in order to do this, he wants to raise taxes on wealthy Americans, as well as target stock buybacks.

However, the budget is already receiving pushback, as Republicans are staunchly opposed to any new tax increases. This includes U.S. Rep. Rudy Yakym (IN-2), who told our Gray DC Bureau that taxes won’t fix the issues it’s targeting.

“Here’s what we know for sure about taxes — we cannot pass tax increases and tax our way to prosperity,” Yakym said. “We don’t have a revenue problem today, we have a spending problem. Revenue to the federal government as a percentage of GDP is at an all-time high. We don’t need to increase taxes, we need to cut spending and restore fiscal responsibility in Washington.”

President Biden’s budget is expected to be rejected by the Republican-led House of Representatives.

Copyright 2023 WNDU. All rights reserved.