'So You Haven't Reduced The Deficit, Have You?': Kennedy Doesn't Hold Back Grilling Yellen
Forbes Breaking News・6 minutes read
The President's proposed budget for the next fiscal year is significantly higher than the current year, including 4.7 trillion dollars in new taxes, with a substantial increase in gross debt by 2033. However, the budget is seen as an improvement as the increased revenue surpasses the proposed investments.
Insights
- The President's proposed budget for the next fiscal year significantly surpasses the current one by around 500 billion dollars, showcasing a substantial increase in financial allocation.
- Even with a notable rise in gross debt predicted by 2033 due to the proposed 4.7 trillion dollars in new taxes, the budget is viewed positively as revenue growth is expected to outpace investment plans, indicating a strategic financial approach.
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Recent questions
What is the proposed budget for the next fiscal year?
500 billion dollars more than the current fiscal year.
How much has the U.S. population increased since 2019?
1.8%
What is the percentage increase in the federal government's budget since 2019?
55%
How much in new taxes is included in the proposed budget?
4.7 trillion dollars
What is the expected impact of the proposed budget on gross debt by 2033?
Significant increase
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Summary
00:00
President proposes significant budget increase and taxes.
- President's proposed budget for the next fiscal year is approximately 500 billion dollars more than the current fiscal year.
- Since 2019, the U.S. population has increased by 1.8%, while the federal government's budget has risen by 55%.
- The proposed budget includes 4.7 trillion dollars in new taxes, leading to a significant increase in gross debt by 2033.
- Despite the rise in gross debt, the President's budget is considered an improvement due to increased revenue exceeding proposed investments.
