Congressman David Schweikert | Congressman David Schweikert Official U.S. Senate headshot
Congressman David Schweikert | Congressman David Schweikert Official U.S. Senate headshot
U.S. Representative David Schweikert (AZ-01) recently addressed the House Floor to criticize President Biden’s FY25 budget, which proposes a significant increase in spending, taxes, and national debt. Schweikert highlighted various issues with the budget, including the impact on working families and the middle class. He pointed out that the budget would lead to a VAT tax by the end of the decade, making the working middle class poorer.
Schweikert warned that middle-class taxes will increase once provisions from the 2017 Tax Cuts and Jobs Act expire in 2025. He emphasized the implications for taxpayers, stating, "All the marginal tax rates go up, and that happens next year." Additionally, he highlighted the impact on deductions for singles and married individuals, noting the potential financial burden on taxpayers.
Regarding the national debt, Schweikert expressed concern about the projections under President Biden’s FY25 budget proposal. He raised alarm that debt held by the public could increase to over $45 trillion by 2034, questioning the sustainability of such high levels of borrowing. Schweikert emphasized the implications of excessive borrowing on the credit markets and the government's ability to secure favorable interest rates.
Furthermore, Schweikert criticized President Biden for taking bipartisan Social Security reform off the table during his State of the Union address. He expressed dismay at the focus on raising taxes on certain individuals rather than addressing the broader issues driving debt and deficits. Schweikert warned about the consequences of neglecting Social Security reform, stating, "My simple projection is this Congress has decided to put the bond market in charge of this government."
In conclusion, Schweikert’s remarks underscore the challenges posed by President Biden’s FY25 budget and the potential consequences for the national debt and working families. The debate over fiscal policies and the implications for taxpayers remain at the forefront of political discussions in Washington.
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