(CNSNews.com) – Not even the Democrats will support President Biden’s FY 2024 budget with spending in the next year stretching to $6.9 trillion – more than $2 trillion about pre-pandemic levels, House Speaker Kevin McCarthy (R-Calif.) predicted on Friday.
“I don’t even believe the Democrats would support this, because why? What has American public learned? All this Democrat spending has brought us inflation, has brought problems with them attacking energy. We have higher costs. It costs more than a dollar a gallon from when he took office,” McCarthy told Fox Business’ “Mornings with Maria Bartiromo.”
“This is the wrong approach, and this president doesn’t believe there’s any waste in government spending with that $1.7 trillion omnibus bill they passed in the middle of the night? There is a lot of places we can streamline government, and remember, where does government get their money? From the hardworking taxpayer. They take it from them,” he said.
McCarthy said he’s been ready to meet with Biden since the day he got into office, but he accused the president of avoiding him.
I have been ready to meet with him since the day he got in, but he has been avoiding. He’s been more than a month late with producing this budget. He’s known it for more than two years, and anybody who took economy 101 would know this is the wrong approach. We’ve got an economy worried about whether we go downward, and he wants to take taxes.
That’s all he ever wants to do to create the biggest government we’ve ever had, and then what does he do about the deficit? He just adds to it, and we just had the Congressional Budget Office come out and tell us, why do we have inflation? All that spending Democrats did while they were in power, and now he wants to spend more, so now we have to pay the piper.
We’re going to pay more than 10.5 trillion in the next 10 years just on interest, but for the American public to know since 1940 to today, we’ve only paid nine trillion dollars in interest, so he is going to do what took us 80 some years to happen in less than 10 years.
And for the first time, in a 10-year window by the Congressional Budget Office all three trust funds go insolvent – the Highway Trust Fund, Medicare, and Social Security – and he has no answer why does it go insolvent? Because they raided it when they did Obamacare.
They raided it when they passed their last big all Democrat bill – their American Rescue. They continue to have the worst policies for this country is to take more and make government bigger.
McCarthy warned that the president’s budget takes the United States closer to Social Security insolvency and a 20 percent cut in benefits. He also warned about the president’s ESG (Environmental, Social and Governance) investment requirements for companies.
Yes, those on Social Security will get a cut if you follow what the president is doing. He is attacking Social Security by doing nothing about it. What else does he do to attack the American public? I just had a bill signing yesterday where I’m sending to the president’s desk for all those who want to save their own money on 401(k)s and others.
Look and have a choice where best to put your investment, to have that company you invest in give you a greatest return on investment. The president is now putting regulation in that says, no, you can’t make that decision, because he believes in ESG.
They got to invest, these companies have to invest in his liberal approach, his liberal ideas, his environment, his socialist things that he wants to do. You don’t get a higher return on your investment for your 401(k)s are going to be hurt. You’re going to have less money. You’re going to have to work longer. This is just the wrong approach for America.
McCarthy signed a bill to stop Biden’s ESG requirements.
You are exactly correct, and remember, this bill passed by the House and Senate, and it is to stop the ESG rule. He is going to veto it. If he would listen to the American public, if he would listen to the bipartisan majority of the House and Senate, he would sign this bill, but what he wants to do, and it sounds a little like Venezuela.
He wants to impose his left-leaning activist views on companies and investors of how they choose investments not based on return of the investment, not based upon the best place to put your money. That is only going to harm people who are going to have to work longer to have less money, and when you look at his budget he wants to tax any money you have, even if you haven’t seen the return yet.
McCarthy accused Biden of “trying to create the largest government” in American history.
You would think that you could write off an unrealized loss even if you stay with it, but that’s not the case, but you wonder why is he doing this, because he’s trying to create the largest government in the history of America. We’ve watched what the Democrats did. They increased spending by more than 30%.
He’s added six trillion dollars already that put us — what did it bring us? It brought us inflation. It brought us a financial crisis. We now have debt debate equal to GDP of 120%. We haven’t seen this since World War II, but if you look on the other end about revenues, we’re at 20% of GDP. A 50-year average of revenues would be at 17%.
We’ve only seen this 20 percent in 1944 and 2000, so what you’ve got more money of any kind coming into America, into government, but he’s spending so much more. That’s the problem. It’s not a revenue problem.
It’s a spending problem, so if he would sit down and actually look at where to spend money, eliminate the waste and where to make the investments, we would be stronger, and that’s what ESG also does. It harms companies for making investments in R&D means, which means we will fall back behind China, based on his socialist policies.
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