(CNS News) – Although President Joe Biden’s budget proposal would produce $14.5 trillion in deficits over the next 10 years, Senator Elizabeth Warren (D.-Mass.) said Congress could easily raise $6 trillion to contribute toward balancing the federal budget by passing new tax laws and enforcing existing tax laws.
At the U.S. Capitol on Wednesday, CNS News asked Senator Warren about President Biden’s budget presentation to Congress and whether Congress would ever balance the budget.
Sen. Warren said, “We can make three changes in the tax laws and raise $6 trillion without having to break a sweat. So, there’s a lot more that we could do on the budget side, if Congress is just willing to step up and pass a wealth tax, pass a real corporate profits tax, and enforce the tax laws.”
In a follow-up, CNS News asked Warren in what year would Congress will balance the budget, but Warren did not offer an answer.
President Biden’s budget looks to fund new initiatives in infrastructure, education, healthcare and climate change, among other areas.
As of June 7, the total debt of the federal government was $28,264,344,438,395.30, over $28 trillion.
Under Biden's budget proposal, the federal government will continue to deficit spend (accumulate debt) for at least the next 10 years, with total borrowing hitting a combined $14.5 trillion in 2031.
As the New York Times has reported, "President Biden would like the federal government to spend $6 trillion in the 2022 fiscal year, and for total spending to rise to $8.2 trillion by 2031. That would take the United States to its highest sustained levels of federal spending since World War II, while running deficits above $1.3 trillion through the next decade."