Biden proposes Massive military budget, Lawmakers Still Call ‘Unacceptably Small’

2022-05-19 0 By

US President Joe Biden fired the starting gun for budget negotiations, German TV channel News reported Sunday.The ADMINISTRATION has asked Congress to approve the highest peacetime military spending in the United States.The report says Congress decides what is actually spent.Biden’s Democrats have only slim majorities in both houses of Congress — the failure of just one member of his party could derail the plan.Reports say Biden plans to raise the corporate tax rate to 28 percent from 21 percent, something he failed to do last year.Under Mr Trump, the US corporate tax rate has been slashed from 35 per cent to 21 per cent.In addition, Biden favors a minimum 20 percent income tax on the top 0.01 percent of earners and households with assets of more than $100 million.An earlier attempt to tax the very rich in the US also failed in Congress.But even among Democrats, especially on the left of the party, there are deep divisions about how best to spend taxpayer money.As a result, the draft does not detail Biden’s political plans in the areas of environmental protection, education, health care and housing.Biden also said there should be more efforts to fight gun crime and crime prevention.According to Reuters reported Wednesday in Washington, the senate republican leader mitch McConnell said that day, not to accept the President’s $5.79 trillion budget plan, biden said the plan will be a lot of money on “far left” spending priorities, but in the Ukraine international tensions, defense spending less is not acceptable.The budget for fiscal year 2023 — which begins Oct. 1 — lays out priorities for the Biden administration, such as a campaign promise to increase taxes on the wealthy and corporations, that lawmakers will consider when crafting spending bills.”President Biden’s White House budget request released today is a stark reminder that the biden administration’s hard-left values are fundamentally out of touch with what American families actually need,” McConnell said on the Senate floor.”First of all, the president’s budget falls woefully short on defense spending at a dangerous time like this,” he said.Disclaimer: This article is reproduced for the purpose of conveying more information.If the source is wrong or violated your legitimate rights and interests, please contact the author with proof of ownership, we will promptly correct, delete, thank you.Email address: newmedia@xxcb.cn