White House appears ready to negotiate.
President Biden has submitted his budget to Congress. The $6.8 trillion budget addresses four main areas—deficit reduction, lower costs for families, Medicare and Social Security protections and strengthening, and investing in America. It consists of increased spending and increased taxes.
House Speaker Kevin McCarthy of California said, “If you look at the revenue that’s coming into America today, it’s higher than any 50-year average. But our expenses are much higher and if you look since [Biden’s] been in office, the added $6 trillion, the 30 percent increase in discretionary spending, just in the last four years, that has been a real challenge and I think that’s where the real problem lies.”
“In the next 10 years, Americans will pay $10.5 trillion in interest on our debt. Now to put that in perspective, since 1940 till today, America has only paid $9 trillion in interest. So the next 10 years, we’ll pay more than we paid the last 80 years,” the speaker said.
President Biden said, “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 agree on, what we don’t agree on, what we vote on.”
As the Lord Leads, Pray with Us…
- For the president and his advisers as they prepare to negotiate with Congress.
- For Speaker McCarthy as he reviews and assesses the nation’s economic status.
- For wisdom for members of Congress as they consider the various aspects of the president’s budget proposal.
Sources: CBN, The Hill, Wall Street Journal
