The White House is charging the GOP with hypocrisy for favoring tax policies that could push the accumulated $31.4 trillion national debt higher.
Yet Biden, too, wants to preserve some of the same tax cuts as Republicans so long as the approach is "fiscally responsible."
The president detailed a recent exchange with the GOP speaker in a speech Tuesday in Washington to county government officials. He told them that McCarthy "made it real clear to me what he wants to do. He says he’s not going to raise any taxes at all on anybody. He just wants to cut programs."The president said that Republican lawmakers should present their budget plan to the public, just as the White House intends to do on March 9.
The White House noted that the extension of the Trump-era tax overhaul would give a $175,000 tax cut to families with incomes over $4 million. The size of that tax cut is roughly double the median U.S. household income. The fact sheet previewing the speech said the president is committed to a "fiscally responsible approach to continuing current tax policies" for people earning less than $400,000. It's not entirely clear what that could mean for the national debt, despite Biden's plans on Wednesday to repeat his promise in last week's State of the Union address to cut deficits by $2 trillion.
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