(CNSNews.com) --The federal government ran a $2.7-trillion deficit in fiscal year 2021 and currently has a $475-billion deficit for fiscal year 2022. In addition, the national debt, as of March 14, was $30.19 trillion.
Despite these numbers, some Republican representatives believe President Joe Biden will not balance the budget or make any real effort to do so.
At the Capitol on Thursday, CNSNews.com asked a few of the representatives if Biden will ever balance the budget.
Rep. Ron Estes (R-Kans.) said, “It doesn’t look like President Biden’s headed in the direction to balance the budget, which is unfortunate. I mean that’s one of the big issues for us going forward.”
“I mean, as we look at some of the problems in the world, we need to be able to have a strong, vital economy, and a strong growing country,” said Estes, “and right now having $30 trillion in debt is a huge problem for us. Particularly, as interest rates rise back to a normal level, we’re going to see a bigger bite being taken out of the federal government to pay just the debt that we already have.”
Rep. Don Bacon (R-Neb.) told CNS News, “Will he ever balance the budget? No, I don’t think so. We need a balanced budget amendment; we have it in Nebraska and it works, it forces the legislature and the governor to make hard decisions, so I think we do -- we do need it. That’s one reason I voted against the omni [omnibus spending bill] because with 7% increase in domestic spending and no hard decisions are being made.”
Rep. Bob Good (R-Va.) said, “Of course not, he has no desire to balance the budget. He has no desire to balance the budget. What a travesty that, at the State of the Union address, he tried to claim credit that we were going to reduce the def—be the first administration to reduce the deficit by $1 trillion a year.”
“Well, if you record, record-level of deficit spending $8 trillion spent in the name of the China virus, and now to claim credit for that is like an arsonist who says, I’m going to start less fires this year than last year and take credit for that – so terrible.”
According to a table published by the U.S. Department of the Treasury in the Monthly Treasure Statement, the deficit of the U.S. government for fiscal year 2021 (Oct. 1, 2020 -- Sept. 30, 2021) was $2.775 trillion.
And in fiscal year 2022 (Oct. 1, 2021 – Sept. 30, 2022), so far, the federal deficit is $475 billion.
In addition, data from the Fiscal Data Treasury shows that the United States’ total debt, as of March 14, 2022, is $30.19 trillion.
President Biden’s budget plans for FY2022 include the American Jobs Plan and the American Families Plan. The jobs plan allegedly would create millions of jobs for Americans. This plan focuses on infrastructure, delivering clean water, and a renewed electrical grid, revitalizing manufacturing, as well as other goals.
The American Families Plan allegedly will help families financially and will include additional four years of “free education” for children in preschool (and also two years of community college); provide direct support to children and families, extend tax cuts for families with children and American workers, strengthen health care, along with other goals stated in the plan.
As claimed in the Fact Sheet for Biden’s budget for FY2022, “Over time, the savings from these reforms will exceed the cost of the investments, and by large and growing amounts. The American Jobs Plan and American Families Plan together are paid for over 15 years. And the full set of proposals in the president’s budget reduce the annual deficit by the end of the ten-year budget window and every year thereafter. In the second decade, the president’s budget proposals cut deficits by over $2 trillion.”
According to the National Republican Senatorial Committee (NRSC), using a Penn Wharton Budgeting Model, the American Jobs Plan “would actually stifle U.S. economic growth and kill American jobs.”
“According to the Budget Model, the Biden administration’s out of control spending would balloon the deficit, which ultimately ‘outweighs productivity boosts from the new public investments,’” said the NRSC. “And the administration’s tax hikes would ‘discourage business investment’ in American jobs and American workers.”