In an interview on “Fox News Sunday” with Shannon Bream this weekend, Louisiana Senator John Kennedy blasted President Biden’s $6.8 trillion budget, suggesting that it should be put through a shredder.
Kennedy said the president’s proposed budget was so extraordinary that it “took my breath away.” He said the $4.7 trillion in new taxes would “affect everyone” over the next decade while piling an additional $18 trillion onto the national debt.
President Biden unveiled his new budget last Thursday which includes nearly $5trillion in new tax increases on corporations and wealthy individuals, including increasing the top income tax bracket from 37 percent to 39.6 percent for those earning over $400,000 a year.
The president is also proposing raising the federal capital gains tax from 20 percent to 39.6percent for those earning over $1 million.
According to the Committee for a Responsible Federal Budget, Biden’s plan will make the debt98 percent of GDP by the end of the year, increasing to 110 percent of GDP in a decade. Based on its analysis, despite Biden’s feeble attempts at deficit reduction in his proposal, the nominal debt would almost double to $43.6 trillion in the next decade.
Senator Kennedy told Shannon Bream that the only way to improve the president’s budget proposal is “with a shredder.” He said Biden’s assertion that his budget will solve the problems facing Medicare and Social Security is “not true,” adding that anything appears possible “when you don’t know what you’re talking about.”
He cited a Wall Street Journal report warning that Biden’s budget will increase the shortfall to Medicare and Social Security by $11 trillion.
Kennedy said the way to save money in the programs is to “stop sending checks to dead people.” He noted that every year, dead people are paid between one and two billion dollars in checks that are getting cashed.
