House Ways and Means Chair Jason Smith told Fox News Digital the Biden administration is 'clearly not' taking the GOP's warning about spending cuts seriously.
"That will affect every American," the chairman said, adding that Biden’s call to increase IRS funding by 15% after $80 billion was already granted by Biden’s Inflation Reduction Act last year would also make economic conditions tougher for Americans.
He argued that"everything in this budget harms middle-class Americans," citing calculations that project $4.7 billion in tax increases if Biden’s plan were to pass.House GOP calculations "The last thing this economy needs right now for working-class families is more spending and more increases in taxes. Right now, they lost … months of their salaries over the last two years just because of the cost of inflation. … That happened because of reckless government spending," Smith said.
But the GOP has ruled out supporting tax hikes as a way to help lower the deficit. And Smith said Friday that Yellen’s testimony and Biden’s plan show the administration is"clearly not" not serious about getting government waste under control.
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