(CNS News) – When asked about President Joe Biden’s budget plan, which would rack up $14.5 trillion in cumulative deficits over the next 10 years, Sen. Mark Warner (D-Va.) said “neither political party has any credibility on this issue,” and added that both parties spent “spent enormous amounts of money after COVID.”
At the U.S. Capitol on Wednesday, CNS News asked Senator Warner, “President Biden has presented Congress with a budget that proposes running $14.5 trillion in deficits over the next decade. Will Congress ever balance the budget?”
Warner said, “Listen, I’ve been involved in efforts to balance the budget since the Simpson-Bowles Plan almost a decade ago. And unfortunately we’ve seen our deficit rise from about $15 trillion to close to $30 trillion. And, unfortunately, neither political party has any credibility on this issue.”
“President Trump cut taxes dramatically, both parties spent enormous amounts of money after COVID. One: I’m not sure that President Biden’s budget will be fully adopted but this is an issue that’s going be with us a long time.”
Warner, a Democrat, advocates for bipartisan deficit reduction and tax reform in the Senate and on his website. He was a part of the ‘Gang of 6’, formed in 2011 with both Democrats and Republicans, which sought to minimize the deficit in a bipartisan manner.
The New York Times has reported, "President Biden would like the federal government to spend $6 trillion in the 2022 fiscal year, and for total spending to rise to $8.2 trillion by 2031. That would take the United States to its highest sustained levels of federal spending since World War II, while running deficits above $1.3 trillion through the next decade." (Emphasis added.)