House conservatives slam Biden's 'Pathway to Bankruptcy' budget, showcase separate plan for 'fiscal stability'

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Republicans are unified in mission to oppose ‘radical’ Biden agenda: Rep. Banks

Rep. Jim Banks, R-IN, joins ‘Fox News Sunday’ to explain why he believes there needs to be a ‘change in Republican leadership.'

FIRST ON FOX: The largest House conservative caucus is releasing a new playbook to fight back against President Biden's $6 trillion budget proposal, calling out provisions on abortion, tax hikes and expanding the "welfare state."

The Republican Study Committee (RSC) is sharing a new document Tuesday afternoon, obtained first by Fox News, to its GOP members and staff to show a clear contrast between Biden's massive spending vision for America and the RSC conservative budget that balances in five years. 

"When these two budgets are placed side by side, voters are going to see the RSC budget reflects American values and casts a vision for a responsible, limited government," Indiana GOP Rep. Jim Banks, chairman of the RSC, told Fox News. "On the other hand, the Biden budget shows Democrats are hard-charging toward a socialist vision for this country."

HOUSE REPUBLICANS REVEAL ANSWER TO BIDEN'S BUDGET, SAY IT COULD ELIMINATE DEFICIT IN 5 YEARS

The Republican Study Committee is circulating the side-by-side comparison between Biden's budget and its own previously released budget so members can present a clear contrast to voters at home during their two-week recess from Congress. The choice is between a  "pathway to bankruptcy and inflation" under Biden or "fiscal stability" under GOP governance, the RSC says.

The RSC memo divides both budgets into seven key areas to give voters a comparison on issues like taxes, senior entitlement programs, healthcare and social issues.

On abortion, for instance, the Biden's budget "double down on the Left's pro-abortion agenda" whereas the GOP vision is the "most pro-life budget ever," the memo says. The Biden budget "dramatically expands the welfare state" compared to the RSC budget that is focused on "promoting work." The Biden budget "never balances" and hikes taxes whereas the RSC budget "balances in 5 years" and cuts taxes, the memo says.

BIDEN PROPOSES $6T BUDGET THAT WILL KEEP DEFICITS NEAR RECORD HIGHS

The dueling budgets have little chance of becoming law but outline grander priorities for each party of their priorities and vision for the country. Biden's $6 trillion budget pushes a sweeping economic agenda to dramatically expand the government-funded social safety net, while driving up debt held by the public to the highest levels since World War II. 

Biden's proposal includes a regular $1.5 trillion request for defense and domestic government operating expenses, plus two major public policy initiatives: his $2.3 trillion American Jobs Plan and the $1.8 trillion American Families Plan. Those two plans are designed to make major investments in human and physical infrastructure and to expand the social safety net with spending on education, child care and paid family leave. Biden proposes funding the new spending through more taxes on the wealthiest of Americans and on corporations.

PROGRESSIVES THINK BIDEN'S LATEST $1.8T FAMILIES PLAN ISN'T BIG ENOUGH

In contrast, the RSC's 2022 $4.7 trillion budget would cut taxes by $1.9 trillion and balance spending in five years by slashing discretionary programs, reforming Medicaid and the Children's Health Insurance Program (CHIP) into block grants and institute "zero-baseline budgeting." The budget also increases the retirement age for Social Security and the eligibility age for Medicare in an effort to get the federal budget on a pathway to sustainability. 

Fox News' Tyler Olson and Megan Henney contributed to this report.