BIDEN WANTS TO SPEND MONEY LIKE A DRUNKEN SAILOR .... BUT IT'S ONLY $4 TRILLION

'Biden sounded like a 15-year-old who's been given a credit card': GOP tears into President's $6 trillion spending spree as even DEMOCRATS start to question how he'll pay for it

 

Daily Mail

April 29, 2021

 

 

 

Politicians and pundits from both parties are tearing into Joe Biden's massive spending proposals as questions arise over how the president plans to pay for it all.

 

                                              Chris Christie

 

'The words of this speech sounded like what you would hear from a 15-year-old if you gave him a credit card with no credit limit on it,' former New Jersey Governor Chris Christie said Wednesday night during a discussion on ABC News.

'Except the words came out of the mouth of an adult who should know better,' the Republican added.

Biden unveiled in his first address to a joint session of Congress Wednesday evening yet another multi-trillion-dollar plan – this time aimed at 'human infrastructure' or economic and social welfare plans.

His American Rescue, Jobs and Family Plans could cost a combined $6 trillion – and only $1.9 trillion has been approved by Congress. 

Senator Joe Manchin, a centrist Democrat who could derail any Biden proposal, said he isn't super 'comfortable' with the price tag of Biden's new plan.

'It's a lot of money, a lot of money,' the West Virginia senator told reporters on Capitol Hill after the speech. 'That makes you very uncomfortable.'

'We're at $28.2 trillion now, debt, so you have to be very careful. There's a balance to be had here,' Manchin continued.

'Are we going to be able to be competitive and be able to pay for what we need in the country?' he said. 'We've got to figure out what our needs are and maybe make some adjustments. Who knows?'

Biden brought the total new spending commitments announced in his first 100 days in office to $6 trillion on Wednesday – but he's facing questions over whether tax rises he proposes will be enough to cover the ambitious plans he needs to put through Congress.

Speaking to 200 lawmakers in Congress, Biden set out plans for his $2.3 trillion 'American Jobs Plan' that he called 'a blue-collar blueprint to build America'. It joins the American Rescue Plan and the American Families Plan, at a time when national debt is at its highest level since 1945.

The $1.9 trillion American Rescue Plan that gave aid to American citizens amidst the coronavirus pandemic has passed Congress and is already covered through federal spending.

The $2.3 trillion American Jobs Plan and the $1.8 trillion American Families Plan he has proposed will cost a total of $4.1 trillion, still needs Congressional approval and Republicans have demanded negotiation to lower the costs.

In order to pay for those two plans, the president announced a series of tax initiatives including almost doubling capital gains to 39.6 percent and hiking the rate for the top one 1 percent of income earners to 38.6 percent.

He would also push corporate tax rates from 21 percent to 28 percent, impose a global minimum tax on corporations and will give the IRS $80 billion to chase town tax evaders – which he says will generate $700 billion in net revenue over 10 years.

Republican Wyoming Senator John Barasso called the 'radical' spending by Biden and the left-wing 'dangerous' and 'scary.'