President’s Budget Would Drive Up Costs by Doubling Down on Failed Policies
The president’s budget misses the mark, proposing higher taxes and more government spending at a time when Americans need policies that fuel energy abundance, control inflation, and advance financial security
Arlington, Va. – Today, Americans for Prosperity issued a statement on President Biden’s proposed 2023 federal budget. The president’s proposal would, among other things:
- Raise taxes by $2.5 trillion over the next decade;
- Increase government spending by $1.5 trillion over the next decade;
- Hike costs on energy providers by $45 billion over the next decade
“Higher taxes, more government spending, and more handouts to favored special interests will do nothing to make life easier for the millions of Americans suffering from skyrocketing inflation and rising energy costs,” said Akash Chougule, Vice President at Americans for Prosperity. “Instead of doubling down on what we know won’t work, we need a budget that drives down costs by creating energy abundance, ending wasteful spending, and removing antiquated regulations that stifle innovation.”
AFP has been a leader on promoting responsible policy solutions that would solve the biggest financial challenges Americans face today. When it comes to reducing energy costs, AFP has put forth a series of immediate steps this administration could take to reverse the policies that have contributed to high gas prices, home heating costs, and other energy-related expenses.
And when it comes to reining in wasteful Washington spending, AFP believes that moving toward a single “unified budget” can help reduce polarization and help return Congress to productive legislating. Click here to read AFP’s plan, “Unified Budgets Can Help Revive Congress,” authored by Kurt Couchman, senior fellow for fiscal policy at AFP.
AFP also supports Sen. Mike Braun’s and Rep. Jody Arrington’s Business Cycle Balanced Budget Amendment. The legislation would limit federal spending to a rolling average of the three prior years’ revenues, adjusted for inflation and population, with a 10-year transition to balance. The amendment would require two-thirds of both houses of Congress to approve emergency spending.
