Washington, DC — Iowa Senator Chuck Grassley predicts President Biden’s just-released budget for fiscal year 2025 will need to be rejected in order to, in Grassley’s words, “rescue future generations from even greater economic harm.”
Grassley, a Republican, calls the administration’s fiscal and regulatory record “irresponsible,” saying it’s “wreaked havoc on our economy.”
Were it to be approved, he says the Biden budget would be sure to yield severe long-term consequences.
Grassley says the president’s spending plan will bring trillions of dollars in tax hikes, saying Biden is planning to let the 2017 Tax Cuts and Jobs Act expire next year.
Grassley says the country needs to reverse course and address the ballooning national debt, though he says the Biden budget would drive up that debt by 16-trillion dollars over the next decade.
According to Grassley, “Thanks to Bidenomics, families will pay thousands of dollars more every year just to cover higher costs of living,” and he says the budget offers “crumbs” for the Pentagon by limiting defense spending so it won’t even keep up with inflation.
