Biden Unveils Budget Proposal for 2024, Divides Republicans and Democrats
By On Thursday, President Joe Biden unveiled his budget proposal for fiscal year 2024, outlining his investment priorities in every federal agency for the upcoming year.[0] Biden's budget aims to cut the deficit by nearly $3 trillion over ten years through a combination of tax increases, spending increases, and policy shifts.[1] The proposal includes a revival of his previous tax proposals, like a minimum billionaires tax, a higher corporate tax rate, the restoration of the expanded Child Tax Credit, increases to Medicare taxes, and a top income tax rate increase for wealthier taxpayers.[2] The plan also offers increased spending for defense, Social Security, and Medicare, while proposing a national program providing up to 12 weeks of paid family and medical leave for workers.
Biden's plan has faced opposition from Republicans, who argue that it spends and taxes too much, and is unlikely to pass Congress.[3] The White House has said the plan will result in a nearly $3 trillion reduction in the deficit over the next decade, but Republicans are hoping to extract spending cuts in exchange for raising the debt limit.[4] Meanwhile, the president is set to make a speech in politically critical Pennsylvania to draw attention to the plan. Ultimately, this budget proposal is yet another example of the ideological divide between Republicans and Democrats over how to address the debt.
0. “Biden's budget wants to bring back monthly checks to parents” Business Insider, 9 Mar. 2023, https://www.businessinsider.com/biden-budget-bring-back-monthly-child-tax-credit-checks-permanent-2023-3
1. “All the President's Tax Increases – WSJ” The Wall Street Journal, 9 Mar. 2023, https://www.wsj.com/articles/biden-budget-proposal-tax-increases-deficit-ccc4a50e
2. “Biden unveils ‘blue-collar’ budget plan with tax hikes for America’s wealthiest” The Guardian US, 9 Mar. 2023, https://www.theguardian.com/us-news/2023/mar/09/joe-biden-federal-budget-cutting-deficit
3. “Missing From Biden's Budget: His Plan for Social Security” Yahoo News, 10 Mar. 2023, https://news.yahoo.com/missing-bidens-budget-plan-social-130157552.html
4. “Here's what's in Biden's 2024 budget plan” NPR, 9 Mar. 2023, https://www.npr.org/2023/03/09/1161967948/biden-is-using-his-budget-as-a-cudgel-in-the-debt-ceiling-fight-and-for-2024
