White House Releases $6.8 Trillion Budget Proposal For 2024
Summary from the AllSides News Team
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.
Featured Coverage of this Story
From the Center
Biden’s Budget Sets Up Battle With GOP, Would Cut Deficits by $3 Trillion Over 10 YearsPresident Biden proposed a $6.9 trillion budget that calls for reducing deficits and raising taxes on wealthy people and large corporations, detailing a policy vision that isn’t expected to gain momentum in Congress, but is an opening salvo in spending talks with Republicans.
Mr. Biden’s fiscal year 2024 budget plan, released Thursday, calls for an increase over the roughly $6.4 trillion that the White House expects the federal government to spend this fiscal year. It would reduce federal budget deficits by nearly $3 trillion over the next decade, the White...
From the Left
Biden proposes $6.8 trillion budget to make rich pay "fair share"President Biden is detailing his plans to increase taxes on the wealthiest Americans and corporations in his Fiscal Year 2024 budget to help fund $6.8 trillion in spending next year.
Why it matters: Biden's plan, which has little chance of being enacted by Congress, amounts to the clearest distillation of his political priorities as he prepares to mount a re-election campaign by running against congressional Republicans.
"My 2024 Budget is a blue-collar blueprint to rebuild America in a fiscally responsible way that leaves no one behind," Biden said.
The message...
From the Right
Biden proposes nearly $7 trillion tax-and-spend budget that would not stabilize the debtPresident Joe Biden released a budget proposal on Thursday for fiscal 2024 that includes about $6.9 trillion in spending and would result in a $1.8 trillion deficit, further adding to the country’s high debt.
Biden's budget proposal, which is not legislation but rather a suggestion for Congress that outlines his priorities, gives a picture of an ambitious tax-and-spend agenda, one that is strongly opposed by the Republican majority in the House. Given a raft of spending proposals, partially offset by taxes, the plan would result in a $17 trillion deficit...
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