President Joe Biden plans to go on the offensive against Republicans, saying in effect that their policies would add $3 trillion to the national debt.
McCarthy, R-Calif., says they should agree on a path toward balancing the budget, posting on Twitter last Friday: “No more blank checks for runaway government spending.”a speech Tuesday in Washington to county government officials
The president said that Republican lawmakers should present their budget plan to the public, just as the White House intends to do on March 9. But the actual path of the national debt could hinge on the upcoming expiration of individual tax cuts that President Donald Trump signed into law in 2017. Extending those tax cuts would in theory raise the national debt, as the nonpartisan Congressional Budget Office based its projections on them lapsing after 2025. The CBO will release an updated budget outlook on Wednesday.The White House fact sheet said Republicans would increase the debt by $2.
But the same White House fact sheet adds that Biden would like to preserve some of the same tax cuts as Republicans, just not those that benefit the wealthy. Biden pledged during the 2020 campaign to not raise taxes on anyone making under $400,000, so letting the tax cuts expire could be viewed as a tax hike on the middle class.The Tax Policy Center, a think tank, estimated when the law was passed that 53% of taxpayers would see their IRS bills increase in 2027 after the cuts expire.
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