US President Joe Biden on Thursday (March 9) unveiled the government’s spending plans in Pennsylvania, announcing higher taxes on the rich.
While speaking at the Philadelphia union hall, the president questioned the Republican opposition over the issue of fiscal responsibility, as he highlighted plans to deduct the deficit of the nation by nearly $3 trillion in 10 years by increasing taxes on those who have an income of more than $400,000 a year.
The budget, overall, would increase federal spending in the coming 12 months to $6.8 trillion.
“For too long, working people been breaking their necks, the economy’s left them behind – working people like you – while those at the top get away with everything,” Biden said while addressing the Pennsylvania blue-collar workers, a group which was targeted by him in his 2020 presidential campaign.
“No billionaire should paying a lower tax than somebody working as a school teacher or a firefighter,” he added.
The budget proposed by Biden is facing stiff opposition from Republican lawmakers who are emboldened after winning control of the House of Representatives in November’s midterm elections.
However, the plan is a political statement trying to directly challenge the threats given by Republican House Speaker Kevin McCarthy to block an increase in the federal borrowing’s limit of $31.4 trillion till Biden agrees to rein in federal spending.
“I want to make it clear I’m ready to meet with the speaker anytime, tomorrow if he has his budget. Lay it down, tell me what you want to do. I’ll show you what I want to do, see what we can agree on,” said Biden.
“I have created 12 million jobs in two years – more than any other president in American history. Any country that out-educates us will out-compete us. Our education system was more efficient than any other now the rest of the world has caught up. We want the best-educated workforce for our country. We are working for better opportunities,” he added.
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“We have had the best infra and economy in the world but now the rest of the world has caught up and we are lagging behind. 1.2 trillion dollars will be spent by the government in a span of 10 years for infra revamp,” Biden further stated.
“My budget reflects what we can do to lift the burden on hard-working Americans. My budget plan is going to give people a fighting chance. Too many people have been left behind and treated like they’re invisible. Not anymore. I promise you: I see you,” said Biden.
Biden’s budget plan was described by McCarthy and other Republicans as “a reckless proposal”.
(With inputs from agencies)
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