John Hoeven: “I would like to join the good Senator from North Carolina as well as my colleagues in bringing Senate attention to the…”

“I would like to join the good Senator from North Carolina as well as my colleagues in bringing Senate attention to the President's fiscal year 2024 budget. At the outset, I want to say I support a balanced budget amendment and have done so since I first came to the Senate. I think that is something that we need to pass. We need a balanced budget amendment. But with that, I do want to comment on the Biden administration's budget released last week, which goes in the wrong direction. President Biden's $6.9 trillion proposal is full of the same tax-and- spend policies that do not balance a budget, do not help reduce inflation, and instead they levy taxes on hard-working Americans and spend money that we don't have. In total, the budget proposes $4.7 trillion--let me repeat that, $4.7 trillion--in new taxes on the American people. We need to get our fiscal house in order, and we do that by controlling spending, not again raising taxes on hard-working Americans. It is time that we come together to reduce our debt and deficit and enact responsible policies that will reduce inflation and lift the burden that our American taxpayers currently face. The President's budget calls for increasing the corporate tax rate to 28 percent. This is higher than the average corporate tax rate in Europe, which is currently 21.7 percent, and it is even higher than the tax rate in China, if you can believe that, which is 25 percent.…”