PHILADELPHIA — President Joe Biden unveiled his proposed budget for the fiscal year 2024 on Thursday, casting it as a reflection of American values ahead of his expected run for re-election.
Speaking in front of a union audience at the Finishing Trades Institute in Pennsylvania, Biden said the proposed budget would reduce the deficit by $3 trillion, mainly due to tax increases on wealthy Americans and corporations.
“I value everyone having an even shot, not just labor but small business owners, farmers and so many other people who hold the country together who’ve been basically invisible for a long time,” he said.
Biden said he wants to give families “breathing room”, a point he made in his 2020 campaign. The White House strategically chose Philadelphia as the site for the President to give the speech, it was his 2020 campaign headquarters, and where he gave a speech ahead of the 2022 midterms about threats to democracy.
The President’s budget proposal comes amid challenges from Republicans, who have signaled Biden’s budget is dead on arrival with the GOP opposed to any tax increases. Congress has until the summer to decide to lift the debt ceiling or risk a default.
On Wednesday, House Speaker Kevin McCarthy accused Biden of delaying debt ceiling talks and said the party would look at the budget proposal before releasing one of their own.
“Tomorrow, if he has his budget,” Biden said, taking a shot at McCarthy. “Lay it down, tell me what you want to do. I’ll show you what I want to do. See what we can agree on.”
The President will pay for these measures with a 25% minimum tax on billionaires and reversing two Trump-era tax cuts: raising the corporate tax from 21% to 28% and restoring a 39.6% rate for single filers making over $400,000.
“President Joe Biden’s budget is a reckless proposal doubling down on the same Far Left spending policies that have led to record inflation and our current debt crisis,” House GOP leadership stated.
Part of Biden’s budget includes $842 billion in defense spending, as well as $6 billion in support for Ukraine along with a national paid family and medical leave program providing up to 12 weeks of leave. Other key aspects of the package include universal preschool, and funding to expand free community college.
“My budget reflects what we can do to lift the burden and hardworking Americans,” Biden said.
