GOP takes early swipes at Biden’s budget plan

WASHINGTON — House Republicans have unleashed an early onslaught of attacks against President Joe Biden and his 2024 budget, as they ready their own plan seeking billions of dollars in spending cuts — and steel themselves for a political standoff over the country’s finances.

The president’s blueprint for the next fiscal year, slated for release on Thursday, is expected to preserve funding for his top economic priorities. It aims to shore up the future of Medicare and reduce the deficit by $2 trillion over the next decade, as Biden has promised publicly, reiterating his commitment to new tax increases targeting billionaires and some corporations.

But the fate of Biden’s budget falls to an increasingly restive Congress, where some Republicans already have rejected the document outright.

In a sign of the two parties’ competing, conflicting visions, GOP leaders have held firm in their bid to slash federal health, science, education and labor spending next fiscal year — and have hardened in their opposition to the new taxes that the White House seeks.

“We’re going to see a budget that continues to increase taxes, and continues to spend taxpayer moneys, and continues to have this 15th consecutive month of inflation persist as a result of that,” said Rep. Jodey Arrington (RTexas), the leader of the House Budget Committee, who is drafting his party’s plan.

The early political barbs set the stage for a higher-stakes showdown this summer, when the U.S. must act to raise or suspend the debt ceiling — the legal limit on how much the government can borrow to pay its bills. Taking control of the House in January, Republicans pledged to seize on the fast-approaching deadline as a bargaining chip, raising the prospect that a protracted spending battle could cause a significant disruption to the economy.

The budget fight comes at a perilous time for the country’s finances. The government’s debt has ballooned in recent years, and the discrepancy between what Washington raises and spends is expected to grow by nearly $19 billion over the next decade, according to the nonpartisan Congressional Budget Office, which released its latest analysis last month.

Democrats and Republicans alike have contributed considerably to that gap, which only has worsened this year as prices have risen and interest rates have spiked, making it more expensive for the government to borrow money.

Adding to the challenges, two of the largest federal programs — Social Security and Medicare — do not collect enough in payroll taxes from workers to cover current and future retirees’ benefits. The two entitlements could face an insolvency crisis over the next decade, the CBO has warned, threatening steep cuts to seniors’ aid.

Seizing on the dour report, Republican lawmakers have pledged a return to austerity, even if they must bargain over the country’s credit to accomplish their aims.

To further highlight the issue, House Speaker Kevin McCarthy (R-Calif.) has invited Phillip Swagel, the director of the CBO, to brief lawmakers from both parties on the country’s fiscal state later this week, and GOP leaders prepare to hold a battery of upcoming hearings on federal spending.

Biden, for his part, plans to head to Philadelphia on Thursday to tout his own vision. Previewing the budget with reporters, White House press secretary Karine Jean-Pierre on Monday stressed that Biden “understands his fiscal responsibility,” including the need to address the country’s debt.

She added that Biden’s speech would detail his efforts to “invest in America, continue lowering costs for families, protect and strengthen Social Security and Medicare, reduce the deficit and more.”