When it gets serious: Biden, Congress poised to square off over spending and debt

The release of President Biden’s budget proposal really didn’t give us a sense of where this summer’s debt ceiling brawl is going and House Republicans are divided.

Budgets are required by law. And most importantly, they are political documents. That’s why each side seizes on whatever the other propounds.  Chad Pergram currently serves as a senior congressional correspondent for FOX News Channel (FNC). He joined the network in September 2007 and is based out of Washington, D.C.

However, the contemporary federal budget process –  as crafted by the Budget Act of 1974 – doesn’t amount to much compared to the upcoming fight over the debt ceiling. The debt ceiling is the law. How to address it is also a political exercise – albeit one with profound, real-world consequences. 

President Biden’s budget proposal would slash about $2.8 trillion from the debt over a decade. The Biden Administration whittles away at the debt by raising taxes on the super-wealthy. The billionaire’s minimum tax is a big "want" by liberal Democrats, requiring they pay at least 25 percent on their income. Overall, the administration would impose $5 trillion in new taxes over ten years.