White House Releases $6.8 Trillion Budget Proposal For 2024

President Biden released his federal budget proposal for the 2024 fiscal year. The plan includes raising taxes on high-earning Americans and corporations in an effort to reduce the federal deficit by $3 trillion over the next decade.

Details: The nearly $7 trillion budget plan aims to fund Medicare into the 2050s, expand the child tax credit to $3,000 per child, allocate $59 billion to increasing affordable housing, allocate $885 billion to defense spending, and more. To pay for the spending and achieve the Administration's goal of reducing the deficit by $3 trillion over the next decade, the plan includes a series of tax increases, including a payroll tax increase on Americans earning over $400,000 per year, back to the rate it was before Trump-era tax cuts, a raise on the corporate tax from 21% to 28%, and more.

Key Quotes: Biden called his budget plan a “blue-collar blueprint to rebuild America in a fiscally responsible way that leaves no one behind.” Senator Chuck Grassley (R-IA) criticized the proposal, stating, “under his plan, the government’s bite out of the economy would be the largest since World War II. And despite all that, he’s somehow managed to continue adding to our national debt at a breakneck speed.”

How The Media Covered It: The consensus across the spectrum was that Biden’s budget plan does not have a chance of passing a Republican-controlled House of Representatives, but will serve as a key agenda for Biden’s likely reelection campaign in the 2024 election.