WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Congressional Budget Office (CBO) – in a response to a request from Smith – provided budgetary analysis of several executive actions taken by President Biden that combined will cost taxpayers $532* billion:
“It turns out even with one-party Democrat control of Congress, President Biden has found a way to secretly spend hundreds of billions of dollars all by himself. With the stroke of a pen, President Biden has racked up at least $532 billion on the American taxpayers’ tab with zero input from their elected Representatives in Congress. Bizarrely, the same President Biden that has unilaterally and illegally refused to spend $1.4 billion in funding that was passed by bipartisan majorities in Congress to build a border wall to combat illegal immigration has at the same time spent over 375 times that amount on actions that Congress never authorized or appropriated. The enormous price tag speaks to how far President Biden wants to expand Washington command and control over education and health care while rolling back immigration enforcement. It is amazing that this is the same White House that continues to claim they are reducing the deficit.”
CBO’s analysis provided the following cost projections for these Biden executive actions:
- $300 billion for expanding welfare by enlarging the Supplemental Nutrition Assistance Program (SNAP) benefit
- $34 billion for expanding Obamacare and enrolling more Americans in Washington-controlled health care plans
- $85 billion for continuing a pandemic-era student loan payment moratorium benefitting higher income earners
- $3 billion for canceling the student loan debts of 40,000 borrowers**
- $20 billion for ending the Trump Administration’s public charge restrictions on immigration which protected taxpayers from awarding welfare benefits to immigrants
- $11 billion cost to taxpayers from eliminating strengthened work requirements in SNAP for able-bodied adults without dependents***
- $3 billion in additional Medicaid spending by prohibiting states from establishing work requirements in their Medicaid programs
- $7 billion for raising the wages for federal contractors
Today’s analysis by CBO also comes at a time when the Biden Administration is reportedly looking to spend an estimated $230 billion – without Congressional authorization or input – by cancelling $10,000 worth of student loan debt for American households that earn as much $300,000 per year. Student loan debt cancellation primarily benefits wealthier households:
- 62% of Americans do not hold a college degree
- Nearly 1/3 of student loan debt is held by the top 20% of earners
- 56% of student debt is held by households with graduate degrees
- 59% percent of households making $120,000 per year or more have student loan debt
- 2% = the unemployment rate among college graduates with a bachelor’s degree
Click here or on the image below to read House Budget Committee Republican’s one-page cost estimate of Biden’s executive spending.
*Includes additional $69 billion of debt interest payments resulting from Biden’s executive actions
**Calculation from Department of Education data
***Official cost estimate, U.S. Department of Agriculture, December 2019
Well Biden agreed just yesterday at the G7 meeting in Switzerland for the United States to pony up at least $200,000,000,000.00 (that’s $200 billion dollars of our tax money folks) to fund infrastructure spending for “foreign nations in need of development” due to “climate change”. The G7 members in total committed to spend $600 billion, but given the way these deals usually work out our European partners, like Germany, France and Italy, will end up coming up short and the United States will foot the vast majority of this pledge. Kind of like how the United States has handled footing the bill for NATO for decades until Trump. Now of course with Biden in charge, we’re back to subsidizing almost the total NATO budget again. Anyway, based on how history has played out for these types of “deals”, the United States could be on the hook for anywhere from $400 billion to as much as $450 billion dollars of the $600 billion dollar total from yesterday’s G7 deal.
The CBO is certainly being kept busy with Biden spending billions and billions of dolllars all without any Congressional approval. One might point out that he is spending huge amounts of American tax dollars with virtually no prior approval from Congress, but hey who are we kidding here. There will be no ramification for either his massive over-spending via Executive Orders or his little “giveaway deals” he makes almost everytime he attends any meeting overseas. I guess we can just count on our national debt and inflation continuing its upward spiral as this wonderful Democrat administration continues on its merry way for at least another 2.5 years. What could possibly go wrong?
Drunk person is not allowed to drive because the brain is incapacitated yet the mad man is allowed to make decisions concerning the entire nation
Face it people, Joe Biden is the WORST president we have ever had!!! And that goes for hIs administration as well. GOD BLESS the USA
sounds like he is acting without budget approval. remember how the democrats went insane when trump found a couple billion for the border wall? what if trump had simply written an executive order for all this money?
I just wish there was a way for hundreds of thousands or even millions of people would just refuse to pay income tax next year…….just flatly refuse. Let the Feds figure out where to imprison that number of people. Of course such a refuser would have to hide their assetts but that can be done. Its an idea……….that started this country by the way……a taxpayers revolt!
And the worst part about this is that he doesn’t know what he signing! He is signing away our country, America Last.
This is simply a case of Biden putting OUR money where HIS mouth is.
What happened to separation of powers? Is it legal for the President to create his own budget for favored projects? Isn’t all spending of government funds supposed to originate in the House of Representatives?
We the people should demand our elected representatives acknowledge their oaths of office and defend their political responsibilities and turf.
Is there no venue for holding this lawless, brainless, pretender to the Presidency to account?
CBO Confirms: Biden’s Biggest Executive Actions Come with $532 Billion Price Tag. maybe he’s going to pay for it himself from all he’s been paid by China, Russia, Mayor of Moscow’s wife and extorted from Ukraine.
That’s pretty impressive for a bankrupt nation. Maybe Joe is hoping his free money will get him a better seat in the one world government that he is selling us out to. Time will tell, if he lives long enough to see it.
Is it true when Joe Biden states that he decreased the Fed Deficit by $350 Billion in 2021 & this year he will decrease this by $1.8 Trillion. I have never read anything about Debt decreasing in first year of Biden. If so, that is quite remarkable.