Jason Smith: Biden Budget Only Adds More Fuel to ‘Inflation Fire’

House Budget Committee Ranking Member Jason Smith (R-MO) said in a statement on Monday that President Joe Biden’s budget proposal would only add more fuel to the “inflation fire.”

Biden released his 2023 budget proposal, which calls for $5.8 trillion in federal spending and would incur a deficit of $1.15 trillion.

The proposal would raise $1.4 trillion in revenue over the next decade through some tax proposals, but it would specifically include a 20-percent minimum tax on households worth $100 million or more.

Smith, one of the leading Republicans focused on budgetary matters, slammed Biden for proposing a budget that would only make every crisis worse.

He elaborated in a statement obtained by Breitbart News:

Under President Biden, the American people are finding it more difficult and more expensive to put food on their tables, gas in their cars, and clothes on their backs. The President has presided over one developing crisis after another – none of which are happening by accident. Whether it’s the inflation crisis, energy crisis, border crisis, a supply chain crisis, crime crisis, or others, all are the direct result of the policies President Biden has pursued, aided and abetted by complete one-party Democrat rule in Congress. This budget submission from the President shows he has learned nothing over the past year – nothing about how his policies have failed the American people – and he intends to double down on those very policies. The President’s 2023 budget deliberately makes every crisis he created worse.

 While American families are facing a $3,500 yearly inflation tax, the President intends to spend $73 trillion over the next 10 years, growing government spending by $8 trillion more than the Congressional Budget Office predicted for the same period and further fueling the inflation fire that is causing prices to spike and burning up wages. His budget hits American families and job creators with $58 trillion in taxes, including a nearly $1 trillion tax increase on families, and socking job creators trying to recover from failed COVID policies with a $1.5 trillion tax hike as well. With our debt crisis having crossed $30 trillion, Joe Biden told Americans that he was going to get serious about tackling trillion-dollar yearly deficits, but the reality is his budget grows America’s debt to $45 trillion by 2032 – a $15 trillion addition to the nation’s debt.

The President’s budget surrenders America’s energy independence and attacks American energy companies so that we are more reliant on foreign nations for our energy needs. The President continues his same catch-and-release policies that have resulted in the worst border crisis in 20 years. And, in a blatant attempt to cover up the $5 trillion in spending, $3 trillion in debt, $1.5 trillion in taxes, and a myriad of destructive policies within his Build Back Better agenda, the President’s budget declares that entire agenda off-limits for accounting purposes. Doubling down on such dishonesty, Biden’s budget also includes no accounting for the Administration’s very public and ongoing request for $22 billion in additional COVID-19 funding.

“President Biden is fond of saying ‘show me your budget and I’ll tell you what you value.’ What this budget shows is that President Biden values more spending, more debt, more taxes, and more pain for the American people,” Smith added.