(CNSNews.com)-- When asked whether he would support President Joe Biden’s budget proposal for 2023, Sen. Ted Cruz (R-Tex.) said, “No, it’s a wildly irresponsible budget.”
At the Capitol on Tuesday, CNSNews.com asked Sen. Ted Cruz, “Biden’s budget proposal calls for running a $1.15 trillion deficit in fiscal 2023. Will you support that?”
Senator Cruz said, “No, it’s a wildly irresponsible budget. It would take the national debt up to $45 trillion over a period of ten years. It includes massive tax increases. It would drive inflation even greater than the inflation that is racking the country right now; and it’s based on laughably unrealistic economic figures in particular.”
“It’s based on projections of inflation at 2%. Inflation right now is at 8%, the highest rate in four decades,” said Cruz. “It also massively raises taxes on American energy at a time when gas prices are hurting consumers across the country. That’s just irresponsible.”
Table S-4 in the proposal lists the deficit of $1,154, 000, 000, 000 for fiscal year 2023. The total deficit for fiscal years 2023-2032 would be $14,421,000,000,000.
According to the 2023 budget plan, Biden’s proposed includes rebuilding America’s crumbling infrastructure, taking aggressive action to tackle so-called “climate change,” advancing equity in the economy and nation, restoring American leadership on the world stage, and more.
In a statement released by the White House, President Biden said, “My Administration is on track to reduce the federal deficit by more than $1.3 trillion this year, cutting in half the deficit from the last year of the previous Administration and delivering the largest one-year reduction in the deficit in U.S. history. That’s the direct result of my Administration’s strategy to get the pandemic under control and grow the economy from the bottom up and the middle out.”
“We spent less money than the last Administration and got better results: strong economic growth, which has increased revenues and allowed us to responsibly scale back emergency spending. My budget will continue that progress, further reducing the deficit by continuing to support the economic growth that has increased revenues and ensuring that billionaires and large corporations pay their fair share.”
According to The Hill, President Biden’s proposal includes a $5.8 trillion plan to fund the government in 2023.