by Sharon Rondeau
(Mar. 15, 2023) — In a post on TruthSocial Wednesday morning, Speaker of the House Kevin McCarthy warned that the United States is “at a tipping point” resulting from excessive spending.
The same comment appeared on his Twitter account:
The tweet followed one on Tuesday in which McCarthy accused Joe Biden of “reckless spending” which he said “caused record inflation and rapid interest rate hikes that broke family budgets and banks too,” apparently referring to the collapse of Silicon Valley Bank on Friday and Signature Bank on Sunday.
“We must restore fiscal sanity,” he concluded, without elaborating.
Also on Tuesday, McCarthy drew a comparison between the nation’s current “tax revenue-to-GDP ratio,” which he reported is “20%,” to “federal spending-t0-GDP [ratio],” which he said “is on track to reach 30%.”
In a recent appearance on “Sunday Morning Futures” with Maria Bartiromo, McCarthy said Biden’s nearly-$7T proposed budget is “not serious.”
According to USA Today, the Biden budget “sets the stage for a reelection campaign,” although Biden has not yet formally declared he is seeking reelection in 2024.
Should he choose to run, he currently has one Democrat challenger for the nomination, Marianne Williamson, who also ran in 2020.
To fund Biden’s spending priorities, USA Today reported, “$5 trillion in new taxes, including a new billionaires’ tax,” would be called for over the next decade.
“Through tax increases instead of spending cuts backed by Republicans, Biden’s budget would reduce the deficit by $2.9 trillion over the next decade,” the paper additionally wrote. “The White House is trying to wrestle the deficit argument away from Republicans, who for years have criticized Democrats as reckless spenders who lack fiscal responsibility to pay off expensive programs.”