Congresswoman Tenney Responds on Joe Biden’s Irresponsible Budget Plan

Washington, DC – Congresswoman Claudia Tenney (NY-24) today released the following statement in response to President Biden’s proposed budget for Fiscal Year 2024 (FY24). 

"President Joe Biden’s budget is a radical, unaffordable, tax-and-spend monstrosity. It calls for a $5.5 trillion increase in taxes at a time when Americans across the country are already facing the highest inflation in four decades because of the Biden administration’s policies. In 2022, Americans paid taxes equal to nearly 20 percent of the U.S. GDP, just slightly less than the Greatest Generation did to support Allied efforts in World War II.

“The defense portion of the budget proposed by Biden is effectively a cut as the 3.2% increase doesn't keep pace with inflation and the cost to refill depleted supplies around the world. Our greatest adversaries, China and Russia, continue to ramp up military expenditures, which pose a grave threat to U.S. security at home and abroad. Biden falsely claims that this FY24 budget is pro-manufacturers, yet it penalizes innovation and investments by doubling the capital gains tax, among other reckless policies. Raising taxes and adding unnecessary regulations on American manufacturing will force domestic production overseas and harm workers. 

"This budget is simply unacceptable. It continues to promote the Democrat's unrealistic, progressive, and irresponsible spending habits, disincentivizes investments in American businesses and energy production, and raises taxes on American manufacturing. Now that America has elected a Republican House Majority, the American people can rest assured that this disastrous budget proposal is dead on arrival in the House of Representatives." 

Radical Policies in Biden’s FY24 Budget Proposal:

• Increases the corporate tax rate from 21% to 28%, harming U.S. competitiveness and threatening American manufacturing jobs. 

• Dangerously balloons our national debt by $19 trillion to $43.6 trillion by 2033.

• Fails to offer a plan to protect the long-term solvency of Social Security, which could lead to 20% across the board cuts to benefits in future years. 

• Vastly underfunds the U.S. military, with only a 3.2% increase in defense spending, which fails to keep pace with historic inflation. 

• Levies additional taxes on earned and investment income while doubling the capital gains tax, resulting in higher costs and making investing harder for the average American. 

• Expands price controls on drugs, which reduces innovation and limits access to life-saving drugs for Americans.

• Increases taxes on oil and gas companies at a time when domestic production is facing unprecedented challenges and consumer prices are rising. 

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