Budget Day

“Gonna buy me some Mousies and ‘Nip!”

All the morning email thingies are being dramatic about details of President Handsome Joe Biden’s 2022 fiscal blueprint, and sadly, our Failed Political Press is failing to mention that whatever the White House releases today is NOT a bill that moves through congress, it is only a request. You can say at most that budget documents show priorities, but even that is probably more cliché than accurate.

The document outlines funding levels  the Administration would like to see for each federal agency, which Congress can use to write spending bills or more likely, ignore.

Anyway, with that said, here’s the details they are spotting. First up, Der Tiger Beat auf dem Potomac (thanks Charlie with an assist from MPS Patron Saint Watertiger, oh, and all formatting is THEIRS):

BUDGET DAY — We’ll have a lot more on the new Biden budget this afternoon and Tuesday. But here are some highlights of the framing from a White House official:

— Three big things. “The President’s Budget will reflect three important values: fiscal responsibility, safety and security at home and abroad, and a commitment to building a better America.”

— Populist deficit reduction. “Through a new Billionaire Minimum Income Tax and other measures, budget policies will … reduce deficits by a total of over $1 trillion over the next decade.”

Fund the police. “The Budget will help keep our communities safe by putting more cops on the beat for community policing, fighting gun crime, and investing in crime prevention and community violence interventions.”

— And the Pentagon. “It will make one of the largest investments in our national security in U.S. history.”

— And don’t forget about inflation. “And it will make other critical investments to help build a better America—cutting costs for families and advancing the bipartisan Unity Agenda the President laid out in his State of the Union address.”

To say this is a dramatic change compared to Biden’s agenda last year is an understatement. The midterm messaging from the White House may as well have been written by Sen. JOE MANCHIN (D-W.Va.): an emphasis on taxing only the wealthiest Americans, a new commitment to deficit reduction, lots more money for cops and the military, and chunks of the old Build Back Better agenda repackaged as inflation-fighting policies. What a difference a year makes!

Next up: Axios (all formatting is theirs, too, also) –

President Biden today will propose more than $32 billion in new spending to fight crime, putting a price tag on his State of the Union call to fund — not defund — the police, Axios’ Hans Nichols reports.

  • Why it matters: Biden wants to show America he’s addressing rising crime, which threatens Democrats’ fortunes in the midterm elections.

The budget proposal, out at 11 a.m. ET, will include $20.6 billion for the next fiscal year for Justice Department discretionary spending on federal law enforcement, crime prevention and intervention. That’s $2 billion more than the $18.6 billion enacted for the current fiscal year.

  • The expanded discretionary spending would increase resources for federal prosecutors and give additional resources to state and local law enforcement to put more police on the beat.
  • It would more than double the funding for community policing through the COPS Hiring Program. It also would add $500 million for so-called community violence interventions — a tenfold increase.
  • It would pay for 140 ATF agents and investigators working on gun-trafficking strike forces, and 160 ATF investigators working on gun-dealer compliance.
  • It would significantly increase funds for law enforcement agencies to trace firearms found at crime scenes.

Between the lines: The president has been looking for ways to distance himself from progressives over how to combat crime, and to convince swing voters he understands their concerns about feeling unsafe.

💰 The budget includes a “billionaire’s tax” to pay for $1 trillion in deficit reduction over a decade.

  • A new minimum tax on the wealthiest Americans would require households worth over $100 million to pay at least 20% of their income in taxes, the White House said.

And just looking at how the two sites position the Billionaire Tax, you can get a sense of their own priorities. Oops, did I say that part out loud?

Meanwhile, our pals over at Electoral-Vote go into detail on the billionaire tax proposal:

The 2023 federal budget will be presented today and it will contain a new provision to tax people with a net worth of over $100 million at a minimum rate of 20%. This will excite progressives for the moment, but could easily backfire in multiple ways.

First, it is a virtual certainty that no Republican senator will vote for it, so it will have to be passed using the budget reconciliation process with every Democrat on board. Sen. Joe Manchin (D-WV), might not be a problem, depending on the details, as he is on record for taxing the rich more. He is also a deficit hawk and the proposal is expected to raise $360 billion over the next 10 years, so that is another reason he might vote for it.

A bigger problem is Sen. Kyrsten Sinema (D-AZ), who has said she is against new taxes on the rich. If she can’t be talked into it, the provision will have to be struck from the budget and progressives will be beyond furious, especially if Manchin is with them this time.

And it goes into the mechanics of it from there. It’s worth a read, but as they point out, the Grifters, er Senate will kill this thing in its sleep, so don’t get your hopes up.

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2 Responses to Budget Day

  1. w3ski4me says:

    Why can’t they kick Sinema out of the party for always voting as a Repub? I mean, what good is she to us?
    w3ski

    Liked by 1 person

    • tengrain says:

      Her presence —even as a nominal Democrat— keeps the gavel out of McConnell’s little hooves.

      Elect more Democrats to the Senate, and the Manchinema problem is solved.

      Rgds,

      TG

      Liked by 2 people

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