Republicans rip Biden's 'reckless' $7.3 trillion budget that will 'accelerate America's decline': Top GOP members says plan is a 'another example of disregard for fiscal responsibility'

House Republican leadership tore into President Biden's new budget plan for fiscal year 2025, deeming it a 'roadmap to accelerate America's decline.'

Biden unveiled his $7.3 trillion budget - which will not be signed into law but offers a roadmap for Congress to write up spending bills - on Monday.

The package increases defense, education and homeland security spending and would raise taxes on the wealthy.

Republicans immediately came out swinging against the massive budget, calling it 'reckless.' 

'While hardworking Americans struggle with crushing inflation and mounting national debt, the President would increase their pain to spend trillions of additional taxpayer dollars to advance his left-wing agenda,' Speaker Mike Johnson, Majority Leader Steve Scalise, Whip Tom Emmer and Conference Chair Elise Stefanik said in a joint statement. 

Congress has so far only funded six of 12 agencies of government for fiscal year 2024 - and has not begun to address the contentious spending process for FY 2025. 

Another budget deadline for the other six agencies will fall on March 22.  

House Republican leadership tore into President Biden's new budget plan for fiscal year 2025, deeming it a 'roadmap to accelerate America's decline'

The White House plans to pay for its ambition agenda - which includes $3 billion for climate change resilience - by imposing about $5 trillion in new taxes on corporations and the wealthy over a decade. 

The president's plan would raise taxes by a net total of $4.9 trillion, or more than 7% above what the U.S. would collect. 

Meanwhile, Americans earning less than $400,000 a year would get tax cuts totaling $750 billion. And those earning above $400,000 a year would see increased taxes on the wages, investment gains and self-employment income.

Among Biden's budget proposals: the deficit would be  reduced by $3 trillion over a decade, homebuyers would get a tax credit of $9,600, and parents would get a child tax credit. 

The proposal provides about $900 billion for defense in fiscal 2025, about $16 billion more than the baseline. 

'Biden's proposed budget further shows that he's economically illiterate,' said Rep. French Hill, R-Ark., on X. 

'Our country is $34.4 TRILLION in debt & Biden has the audacity to present us with a $7.3 TRILLION budget?' added Rep. Ralph Norman, R-S.C.

It includes a 4.5% pay increase for members of the military but it does not include support to Ukraine, which requires Congress to pass the national security supplemental request. 

The budget also includes a new $4.7 billion Southwest border fund to respond to the 'uncertainty' on the U.S.-Mexico border, including responding to 'migrant surges.'

The fund would allow the Department of Homeland Security to tap into funds on an as-needed basis when the number of undocumented migrants crossing the southern border tops a certain threshold, which has not been specified.

Republicans on Capitol Hill have already refused to fund Biden's $13.6 billion emergency supplemental request to increase border security.

Biden's plan includes $405 million to hire 1,300 additional Border Patrol Agents; $239 million to hire 1,000 additional U.S. Customs and Border Protection (CBP) Officers to stop fentanyl and other contraband from entering the United States; and $755 million to hire an additional 1,600 Asylum Officers and support staff to facilitate timely immigration dispositions.

Biden's plan also asks Congress to apply his $2,000 cap on drug costs and $35 insulin to everyone, not just people who have Medicare. And he wants Medicare to have the ability to negotiate prices on 500 prescription drugs, which could save $200 billion over 10 years.

Other items in the budget:

• $2.1 billion for weather satellites to maintain the existing fleet of satellites critical for extreme weather forecasts and invest in next generation systems that would provide more accurate forecasts to combat the more powerful and frequent storms and extreme weather caused by climate change
• $2.9 billion for the Secret Service, which includes $70 million for security related to the 2024 Presidential Campaign and inauguration and $16 million to begin security preparations for the 2026 World Cup
• $7.8 billion for the Artemis program, which would bring astronauts - including the first women, first people of color, and first international astronauts - to the lunar surface as part of a long-term journey of science and exploration
• It also offers universal prekindergarten education to all four million 4-year-olds in America and give states the 'flexibility' to later expand preschool to 3-year-olds
• Provides 12 weeks of paid family and medical leave.
• The president pushes to shore up the Social Security fund but doesn't offer specifics. 

He also targets the wealthy. 

His plan would raise the corporate tax rate to 28 percent from 21 percent. 

Biden also proposes a new minimum tax on large corporations and quadrupling a tax on stock buybacks with the goal of raising more revenue from big businesses and the wealthy to pay down the country's debt.

During the last three years, the national debt has risen from $27.8 trillion to $34.4 trillion.

Voters have repeatedly given Biden the thumbs down on his handling of the economy. An NBC News poll last month found voters trust Trump more on economic matters by 20 points. 

And a CBS/YouGov poll in February found that 55 percent said Biden's policies would make prices more expensive while only 34 percent said that of Trump's policies. 

His budget seeks to reassure a nervous electorate. Its proposals are designed to appeal to the middle class, parents, students and those against climate change.