President Biden releases 2024 federal spending budget proposal
WASHINGTON (Gray DC) - President Joe Biden released his 2024 budget Thursday for federal spending. The White House said the spending plan lays out a roadmap to build on the president’s progress and to finish the job.
Republicans, predictably, are saying otherwise.
The president unveiled his budget in Philadelphia about the blueprint he has for the country next year. His $6.8 trillion plan promises to reduce the deficit by $3 trillion over the next 10 years.
“These guys keep saying, how are you going to cut the deficit? Well, guess what? If your tax dollars don’t have to go to paying all that exorbitant price for Medicare to drug companies, and it’s rational. It’s going to save $160 billion in tax dollars,” said Biden.
President Biden said his plan keeps to his campaign promise to only tax the rich.
“No one making less than $400,000 will see a penny in federal taxes go up, not a single penny,” Biden said.
The president said he also wants to protect Social Security and Medicare, make childcare more affordable, provide paid family leave and further invest in elder care.
Democrats and Republicans on Capitol Hill are predictably split on the president’s proposal.
“Essentially saying that people who make more than $400,000, they’re going to have to chip in more to make sure that Medicare is there for everyone. I think from my perspective, that’s the right direction to go,” said Rep. Dan Kildee, D-Mich.
“His budget’s a joke and his priorities are always for the far left, for the wealthy, for Wall Street,” said Sen. Josh Hawley, R-Mo.
All spending bills originate in the House. So, for the White House, this budget is a starting point for negotiations.
President Biden has called on House Speaker Kevin McCarthy (R-Ca.) to release his budget and then sit down with him to see where they can make a deal.
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