GOVERNMENT FUNDING (Executive Calendar)

Congressional Record Vol. 169, No. 48
(Senate - March 15, 2023) PDF

  Mrs. HYDE-SMITH. Mr. President, I rise today to also express my 
disappointment in the fiscal year 2024 budget submitted to Congress by 
President Biden. As a fiscal conservative, I have serious concerns 
about the direction this budget proposes to take our country. It fails 
to address the real needs of our Nation and instead doubles down on 
failed policies.

  Americans continue to suffer from the worst inflation since the 
Carter administration--inflation set off by President Biden's reckless 
tax-and-spend agenda. Consumer prices have risen 15 percent since Biden 
took office. These are real numbers. People in my home State of 
Mississippi and across this country continue to see their hard-earned 
savings dwindle and their paychecks stretched thin by higher prices for 
everything from groceries to gasoline and basic utilities.

  After 2 years of trudging through this economy, Americans truly need 
help. However, President Biden's budget will do anything but help. The 
President's $7 trillion budget for 2024 will result in massive spending 
increases that will further exacerbate our already significant debt and 
deficit problems. Remember, reckless spending is the major reason 
prices took off in the first place.

  We simply cannot afford to spend at this level and continue passing 
on the burden of our current and growing debt to future generations.

  What is more, this proposal includes $4.7 trillion in new or 
increased taxes--the largest tax hike since the 1960s. These tax hikes 
would stifle economic growth, discourage investment, and ultimately 
harm the very people the President's budget is supposed to help.

  The President is asking Congress to hike the individual Federal 
income tax rate up from 37 percent to 39.6 percent, not including the 
surtaxes with that. This proposal would push tax increases on even more 
hard-working Americans. Make no mistake, this proposal does not ``tax 
the rich,'' as my colleagues across the aisle love to say; it raises 
taxes on middle-class Americans.

  The President's proposed tax increases may raise revenue in the short 
term to support his big spending, Big Government schemes, but they 
amount to distraction and to only gimmicks.

  There is little chance these massive tax increases will see the light 
of day, but even if they did, the Biden tax hikes would not address the 
underlying issues of our ballooning national debt.

  The nonpartisan Congressional Budget Office projects that the Federal 
Government will spend over $10 trillion on interest alone in the next 
10 years. Think about that for a moment--$10 trillion on interest 
payments alone. Unbelievable. As we pay more and more on debt interest 
payments, there will be less available to use on critical and important 
priorities like Senator Hoeven mentioned: national defense, 
infrastructure, healthcare, or education.

  I recently reintroduced a constitutional balanced-budget amendment 
because I am very concerned about the future of this great Nation. In 
contrast, President Biden's 2024 budget plan sends a clear signal that 
he and his administration are not serious about controlling the 
national debt or even reducing annual deficit spending. He may talk 
about it, but this budget says otherwise.

  It is our responsibility as elected officials of the American people 
to strengthen our Nation, not to leave it saddled with unsustainable 
debt that puts everything at risk, including entitlement programs that 
hard-working Americans have paid into their entire lives.

  President Biden's budget is a disappointment and falls short in 
addressing serious challenges, such as getting our fiscal house in 
order, securing the border, unleashing American energy, and so much 

  We all know the President's budget was received dead on arrival, but 
it signals the starting point to the annual budget process. It is my 
hope that wiser minds on both sides of the aisle will prevail as 
Congress embarks on the 2024 budget and appropriations process.

  Americans are already pinching pennies, taking on debt, and 
struggling to pay their bills, and they deserve much, much more. They 
deserve relief, and our Nation needs relief in the form of tried-and-
true just pure fiscal responsibility.

  I yield the floor.