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House GOP to put forward 2022 budget plan, suggests it could eliminate deficit in 5 years

Rep. Jim Banks (R-IN) wants to stop federal employees' retirement funds from being invested in Chinese and Russian businesses. Tom Williams/CQ Roll Call via AP Images)

Rep. Jim Banks (R-IN) wants to stop federal employees' retirement funds from being invested in Chinese and Russian businesses. Tom Williams/CQ Roll Call via AP Images)

File – Rep. Jim Banks (R-Ind.) is pictured. (Tom Williams/CQ Roll Call via AP Photos)

OAN Newsroom
UPDATED 6:51 AM PT – Wednesday, May 19, 2021

House Republicans are expected to reveal their answer to Joe Biden’s massive 2022 budget proposal. Those representatives are confident their proposal, set to be announced Wednesday, will balance the federal budget in five years and cut taxes by nearly $2 trillion.

Rep. Jim Banks (R-Ind.), the head of the Republican Study Committee, said Democrats are “introducing socialism and radically expanding the role of government.” He pointed out that in just a short amount of time, the U.S. is already seeing the negative effects of their agenda on the economy.

Banks stated, “it’s time Republicans reclaim the mantle of fiscal responsibility and show voters an alternative vision for conservative governance.”

Meanwhile, Biden is trying to drum up support for his massive spending plan as part of his so-called Build Back Better Plan. On Tuesday, he touted the American Families Plan and American Jobs Plan during a visit to a Ford electric car facility in Michigan.

Biden claimed the infrastructure plan will incentivize the production of electric cars and create new union jobs. However, the proposal allocates most of the money to progressive agenda items like the Green New Deal, which will kill millions of existing jobs.

His second component consists of tax cuts and credits to expand the welfare state. These proposals, totaling around $4 trillion, will come at a huge cost to the federal budget and the national debt.

Republicans are expected to unveil their counter proposal this week as Biden will likely not gain bipartisan support on Capitol Hill. However, the White House has said it would move forward with its own spending plans either way. This signals the possibility of yet another executive order.

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