President Joe Biden has unveiled a bold budget proposal that includes tax breaks for families, lower health care costs, and higher taxes on the wealthy and corporations. The proposal, while unlikely to pass, is being seen as an election year blueprint for what could be if Biden and Democrats win in November.
The budget aims to reduce deficits by $3 trillion over a decade and raise tax revenues by $4.9 trillion. Biden is advocating for a $2,000 cap on drug costs and $35 insulin for all, not just those with Medicare. The plan also includes an increased child tax credit, tax credit for homebuyers, and a minimum tax for billionaires.
House Republicans have been quick to criticize the proposal, labeling it as reckless spending and accusing Biden of accelerating America’s decline. The budget does not address Social Security solvency, but Biden’s plan aims to negotiate drug prices and keep Medicare solvent. It includes funding for defense, Ukraine, Israel, humanitarian relief, and resources for the U.S. southern border.
The focus of the budget is aimed at helping families afford basic needs amid high inflation. It includes funding for housing, child care, student loans, and reducing university costs. Biden’s budget is also being seen as an attempt to define the race against likely Republican nominee, Donald Trump.
Trump’s agenda, in contrast, includes increasing tariffs, oil production, tax cuts, and reducing government regulations. He has suggested a willingness to cut entitlement programs like Social Security, Medicare, and Medicaid. House Republicans passed their own budget resolution aiming to trim deficits by $14 trillion over 10 years with significant cuts to Medicare and Medicaid.
Congress is currently working on a budget for the current fiscal year, recently passing a $460 billion package to avoid a government shutdown. The budget proposals from both sides indicate a stark difference in priorities and visions for the future of the country.
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