President Biden unveils 2024 budget proposal worth $6.8 trillion
President Biden has unveiled his federal budget proposal for fiscal year 2024. The White House says it will reduce the deficit by 3 trillion dollars over the next decade.
Looking at the topline numbers – it calls for 6.8 trillion in spending. It includes 885 billion in defense spending and 1 trillion in non-defense discretionary spending. The mandatory spending for medicare, medicaid and social security is the bulk of the budget – coming in at 4.2 trillion.
The President also proposes increasing medicare and medicaid’s ability to negotiate drug prices, eliminating tax subsidies for oil and gas companies, and investing in improvements to US cybersecurity and the U.S. nuclear arsenal as a deterrent.
The President promises he will not raise taxes on any household making less than 400 thousand per year. But for everyone else, they can expect to see a tax hike. The president’s proposal moves the top tax bracket for those making 400k or more to 39.6 percent and increases the payroll tax to fund the medicare trust fund, it creates a 25 percent minimum tax for billionaires, and increases the corporate tax rate to 28 percent.
But the budget is ultimately negotiated by Congress, and Republicans say it’s dead on arrival.
Senator Chuck Grassley, the ranking member of the Budget Committee said quote: “President Biden’s FY2024 budget proposal is a roadmap to fiscal ruin. From its delayed rollout to its reckless taxes and out-of-control spending, this budget sends a clear message: President Biden doesn’t seem to give a rip about keeping his promises or securing the fiscal health of our nation.
Democrats say they fully support it.
Schumer: “This is just a great budget. It fits the needs of American families to a T. “
So as the negotiations begin, count on straight arrow news to keep you updated with unbiased, straight facts.