Spending fights among Democrats and Republicans on Capitol Hill are only going to intensify in the coming months. Neither party shows signs of giving ground when it comes to raising the debt ceiling.
The Treasury secretary says the United States remains on track to run out of money to pay its bills in June.
President Joe Biden’s recent budget proposal last week only adds fuel to the fire. His $6.8 trillion spending plan would provide more money to the military and social programs – specifically $886 billion in defense spending.
That includes giving service members a pay raise of more than 5 percent. The White House maintains it would cut the federal deficit by about $3 trillion over the next decade.
The President is eyeing more tax increases than spending cuts he maintains is focused on the wealthy. His goal is to increase taxes by $5 trillion over a decade. Here are some of those provisions:
- No income tax increases for anyone who makes less than $400,000 a year.
- The budget would impose a 25 percent tax on billionaires.
- It also would increase the corporate tax rate from 21 percent to 28 percent.
- And it would raise the top income tax bracket from 37 percent to almost 40 percent and implement a new capital gains tax rate on millionaires. That would be almost 40 percent as well.
We talk about that and more with Illinois Congressman Eric Sorensen.
“I think the President has put forth a budget that allows us to live within our means,” Sorensen said, adding “1.7 trillion has been taken out of the budget while President Biden has been in office.”
To hear what else Sorensen has to say, click on the video.