Senator John Kennedy Grills US Treasury Secretary Janet Yellen on $5 Trillion in New Taxes

US Treasury Secretary Janet Yellen, Youtube
Senator John Kennedy said during a hearing of the Senate Appropriations Committee that the federal debt, currently set at $33 trillion, was slated to climb by $18 trillion over ten years, rising to $51 trillion by 2033. President Joe Biden’s new budget for next year is $6.9 trillion, which is about $500 billion higher than it is for this year. Since 2019, the government budget has increased by 55%. Biden released a proposed budget for fiscal year 2024 that included over $4.7 trillion in new tax increases, including a 20% hike in the capital gains tax rate and a 7.6% increase in the top income tax rate.

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Republican Sen. John Kennedy of Louisiana grilled Treasury Secretary Janet Yellen Wednesday on what level of debt was “unsustainable.”

“So, what the president is saying is — these are my words, not his — because of his budget, we’re going to have three heart attacks and a stroke instead of four heart attacks and a stroke,” Kennedy said during a Wednesday hearing of the Senate Appropriations Committee, noting that the federal debt was slated to climb by $18 trillion over ten years. (RELATED: Biden HHS Secretary Unable To Say How Many Gov’t Workers Actually Show Up To Work In Federal Buildings)

President Joe Biden released a proposed budget for fiscal year 2024 March 9, which included over $5 trillion in new tax increases, including a 20% hike in the capital gains tax rate and a 7.6% increase in the top income tax rate.

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grace
grace
10 months ago

Why is the federal reserve responsible for stress testing our banks? They are a private company!

Zorro
Zorro
10 months ago

They get grilled, but nothing changes. Waste if time and effort.