Biden proposed a $6.9 trillion spending plan for fiscal year 2024, including increased spending on defense and non-defense programs. The plan aims to reduce the federal deficit by $2.9 trillion over the next decade through tax increases. Medicare funding would be sustained for an additional 25 years with a 5% surtax on those earning $400K and above. Biden's budget resurfaces proposals for national paid family and medical leave, subsidized child care, and expanded community college.
The budget plan includes a 3.2% increase in mandatory spending for programs such as Medicare and Social Security. The proposed tax hikes would target the wealthiest Americans and corporations, while households making less than $400,000 would not see any tax increases. The Republican-controlled House is unlikely to pass the proposal, but Biden's budget sets the stage for his reelection campaign by prioritizing social safety net programs and transforming the economy.
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Biden's Budget Proposal 2024!
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Biden administrationfederal budgettax increasesMedicare solvencysocial safety net programsDefense Departmentnon-defense programsRepublican-controlled Housecorporate tax ratemandatory spendingdiscretionary spendingsupplemental appropriationsfiscal year 2024economic transformationsubsidized child careBuild Back Better WorldDemocratic prioritieswealthy AmericansVeterans Affairs Medical Care ProgramFox NewsCNN NewsVoxVisualpolitik