Chairman Beyer Statement on President Biden’s FY22 Budget Proposal
Today, Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement in response to President Biden’s FY22 budget proposal:
“President Biden’s budget provides a clear blueprint for building a more equitable economy in the wake of the global pandemic. The Administration’s plan, as outlined in the budget, would boost investments critical to spur economic growth, create greater financial stability for working families, and address long-standing systemic issues including racial injustice and climate change.
“The President’s proposal would reverse the long-running trend of chronic disinvestment in our country, which has worsened racial economic inequality, perpetuated the gender pay gap, and made it more difficult for working Americans to get ahead.
“Importantly, the budget provides a clear path to help finance these critical investments through tax proposals that would make our tax system fairer—closing tax loopholes, ensuring that corporations and the wealthiest pay their fair share, and enforcing existing tax laws on the books.
“With our economy growing at an annualized rate of more than 6% so far this year, now is the right time to commit to sustaining broadly shared growth through the long term investments outlined in the budget and Families and Jobs plans. Historically low interest rates both reduce the burden of our debt and highlight the opportunities that we have to invest in public goods like the health and human capital of our people.
“However, millions of Americans remain uncertain about their own economic futures. The United States has the economic capability of meeting the moment, and the President’s budget outlines a clear path to get there. Responsibility now lies with lawmakers in Congress to adopt the principles stated within this budget that will ensure our nation becomes even more prosperous in the years to come and that more Americans can equitably share in that prosperity.”