What's in Biden's Proposed $7.3T Budget?
Summary from the AllSides News Team
President Biden released his proposed $7.3 trillion budget for the fiscal year 2025 this week. What's in it, and what impact will it have?
Taxes: The proposal includes a plan to raise taxes on the wealthiest Americans and corporations, and would require billionaires to pay at least 25% of income in taxes. This increase would also apply to corporations with high profits and instances of low taxes.
Debt: Under the proposal, the national debt would climb "to a high of 106 percent of GDP by 2030... In nominal dollars, debt would grow by $17.7 trillion, from $27.4 trillion today to $45.1 trillion by the end of 2034," according to the nonpartisan Committee for a Responsible Federal Budget (CRFB). It would also "reduce projected deficits by $3.3 trillion on net through 2034."
Would It Help?: CRFB said the plan "encouragingly pays for new initiatives and reduces deficits. However, it falls short of proposing the necessary deficit reduction that is needed to put the nation on a sustainable fiscal path and fails to recognize the immense cost of extending expiring tax provisions." Regardless, the budget is "highly unlikely to pass" Congress given Republican control of the House, according to The New York Post (Lean Right bias) and CBS News (Lean Left).
How the Media Covered It: Left-rated outlets often framed the plan as beneficial for taxpayers. Right-rated outlets often framed the plan as excessive and "woke".
Featured Coverage of this Story
From the Right
Biden unveils massive $7.3T budget with $5.5T in tax hikes, plans for ‘highest burden’ in US history
President Biden unveiled his election-year budget pitch Monday, calling for $5.5 trillion in tax increases by raising rates on the wealthy and corporations — while spending $7.3 trillion on defense, federal benefit programs, affordable housing and student debt cancellation, among other proposals.
The fiscal year 2025 budget — which is highly unlikely to be approved by Congress — matches last year’s topline tax increase level and spends $300 billion more while purportedly cutting the federal deficit by $3 trillion over the next 10 years, the White House said on Monday.
Fiscal hawks and Republicans alike...
From the Left
Biden budget would cut taxes for millions and restore breaks for families. Here's what to know.
President Joe Biden's proposed 2025 budget includes some perks for millions of families and low-income workers as well as senior citizens, including reviving a program that lifted millions of children out of poverty during the pandemic.
The budget, released Tuesday, aims to pay for those tax breaks by raising taxes on corporations and the rich. One proposal, for instance, would completely reverse one of the cuts implemented by former President Donald Trump, whose 2017 Tax Cuts and Jobs Act mostly eased the tax burdens on businesses and the nation's highest earners.
The proposals to...
From the Center
Biden's $7.3 trillion budget is campaign pitch for spending, tax goals
U.S. President Joe Biden sketched his policy vision for a potential second four-year term on Monday, unveiling a $7.3 trillion election-year budget aimed at convincing skeptical Americans that he can run the economy better than Donald Trump.
Biden wants to raise taxes by trillions on corporations and high earners, his budget wish-list showed, to help cut the deficit and pay for new programs assisting those who make less cope with high housing and childcare costs. Congress is unlikely to adopt the measures as proposed.
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