On Thursday, President Biden unveiled his budget proposal for the 2024 fiscal year and the three liberal news networks reacted exactly the way you would have guessed: they ate it up. This was despite the fact that Biden’s proposed budget would spend a jaw-dropping 6.8 trillion dollars and would tax Americans who invest in the stock market on unrealized gains for the first time in American history, a key detail all three networks left out of their reporting.
Breathlessly reporting over hail to the chief with footage of Biden walking on stage at his budget proposal event, ABC’s Mary Bruce on World News Tonight hyped Biden was “unveiling a blueprint for his re-election campaign, a $6.8 trillion budget that would slash the deficit by $3 trillion over the next decade.”
This, of course, was false, it would not slash the deficit at all, much less by $3 trillion. According to Republican leadership, “Under CBO’s new projection that number will go up to average $1.34 over the next 10 years. This is a spending problem, not a revenue problem.” And the scale of the tax increases would stunt economic growth and end up leaving the federal government with less money in its coffers.
“Biden’s plan calls for new social spending on things like family leave and universal Pre-K. It would also shore up Medicare and aim to lower prescription drug costs. It also features big hikes in defense spending,” Bruce continued.
Bruce insisted that in order “to pay for it all, the President is calling for tax hikes on large corporations and Americans making over $400,000 a year.”
Over on CBS Evening News, fill-in anchor James Brown only dedicated a news brief to the Biden plan:
BROWN: President Biden traveled to the battleground state of Pennsylvania this afternoon to unveil his nearly $7 trillion budget with a promise to protect and strengthen Social Security and Medicare while reducing the deficit. It’s seen as the President’s opening bid in negotiations with Republicans.
BIDEN: I want to make it clear, I am ready to meet with the speaker any time, tomorrow if he has his budget. Lay it down, tell me what you want to do, I will show you what I want to do, see what we can agree on.
BROWN: The plan calls for increased spending for the military and social programs, and will be largely paid for with higher taxes on corporations and on individuals making more than $400,000 a year.
Meanwhile, on NBC Nightly News, White House correspondent Kristen Welker got weak knees for Biden’s tax and spend proposal that would continue driving up inflation and tank the economy.
Welker gushed over Biden’s “sweeping budget proposal calling for major tax hikes on the wealthy and increased spending.”
To her credit, she did recognize the reality that Biden’s budget was “dead on arrival” since Republicans control the House of Representatives. Yet, she speculated that his “proposal [is] likely a blueprint for his battle plan against Republicans in his expected 2024 re-election bid.”
On Fox News Channel’s Special Report, chief White House correspondent Peter Doocy actually interviewed two experts on the impact of Biden’s budget. First was noted free market economist Steve Moore who explained how disastrous Biden’s plan to tax unrealized capital gains would be for average Americans and the economy at large:
For the first time I think in the history of the country, Joe Biden wants to tax unrealized capital gains. That is if you own stock and it rises in value, the Biden administration wants to tax you even though you haven’t sold it.
Later on in the segment, Maya MacGuineas from the Committee for Responsible Federal Budget explained how one of the most “glaring omissions in this budget is the fact that there is nothing to help preserve Social Security. Where we know the program is going to become insolvent.”
All three of the evening news broadcasts ignored these key details because they are inconvenient to the Biden agenda, and we know the success of the Democrat Party is the most important thing to the leftist news media.
The big three networks cheering on Biden’s irresponsible budget and omitting key unpopular details was made possible by Progressive on ABC, United Healthcare on CBS, and Liberty Mutual on NBC. Their information is linked.
To read the relevant transcripts click “expand”:
FNC’s Special Report
3/9/2023
6:10:40 p.m. EasternPETER DOOCY: The President plans to bring the deficit down by raising taxes on the wealthy and corporations by $4.7 trillion over a decade.
PRESIDENT JOE BIDEN: Anybody who thinks our present federal tax system is fair raise your hand.
DOOCY: The House Republican leadership calculation quote: For every dollar the federal government takes in, we spend one dollar, twenty-nine cents. Under CBO’s new projection that number will go up to average $1.34 over the next 10 years. This is a spending problem, not a revenue problem.
STEVE MOORE (FORMER TRUMP ECONOMIC ADVISER): For the first time I think in the history of the country, Joe Biden wants to tax unrealized capital gains. That is if you own stock and it rises in value, the Biden administration wants to tax you even though you haven’t sold it.
[…]
DOOCY: But experts say those details are missing.
MAYA MACGUINEAS (COMMITTEE FOR RESPONSIBLE FEDERAL BUDGET): And one of the glaring omissions in this budget is the fact that there is nothing to help preserve Social Security. Where we know the program is going to become insolvent.
ABC’s World News Tonight
3/9/2023
6:44:18 p.m. EasternMARY BRUCE: President Biden, today in the key battleground state of Pennsylvania, unveiling a blueprint for his re-election campaign, a $6.8 trillion budget that would slash the deficit by $3 trillion over the next decade.
[…]
BRUCE: Biden’s plan calls for new social spending on things like family leave and universal Pre-K. It would also shore up Medicare and aim to lower prescription drug costs. It also features big hikes in defense spending. More money for police and border security. To pay for it all, the President is calling for tax hikes on large corporations and Americans making over $400,000 a year.
CBS Evening News
3/9/2023
6:43:03 p.m. EasternJAMES BROWN: President Biden traveled to the battleground state of Pennsylvania this afternoon to unveil his nearly $7 trillion budget with a promise to protect and strengthen Social Security and Medicare while reducing the deficit. It’s seen as the President’s opening bid in negotiations with Republicans.
PRESIDENT JOE BIDEN: I want to make it clear, I am ready to meet with the speaker any time, tomorrow if he has his budget. Lay it down, tell me what you want to do, I will show you what I want to do, see what we can agree on.
BROWN: The plan calls for increased spending for the military and social programs, and will be largely paid for with higher taxes on corporations and on individuals making more than $400,000 a year.
NBC Nightly News
3/9/2023
6:41:55 p.m. EasternKRISTEN WELKER: Tonight in battleground Pennsylvania, President Biden unveiling his sweeping budget proposal calling for major tax hikes on the wealthy and increased spending.
[…]
WELKER: Still with divided government, that plan is dead on arrival with Republicans staunchly opposed to any new tax increases, but Mr. Biden’s proposal likely a blueprint for his battle plan against Republicans in his expected 2024 re-election bid.
[…]
WELKER: The $6.8 trillion plan calls for protecting Social Security and shoring up Medicare, by raising taxes on the wealthiest Americans, including increasing penalties on oil and gas companies, imposing a billionaire tax of 25 percent, and hiking the corporate tax rate from 21 to 28 percent and it includes record spending on the military and increasing funding for social programs like early childhood education and child care, but Republicans blasting it as a reckless tax and spend plan.