President Biden’s project has prompted questions from US opponents who brand him as an “extreme leftist.” They also accuse him of “overspending.”
President of the United States, Joe Biden yesterday Thursday, presented its 2024 budget proposal. Win over the working class by raising taxes on the wealthy and funding social programs more.
The initiative has generated some controversy and questions from opponents. they accuse him of ‘excessive spending’ don’t reverse it. They rejected his proposal as follows. “extreme left” .
In a fiery speech at Union Hall in Philadelphia, Pennsylvania, the battleground state, the president detailed his budget proposal, which is pending Congressional approval.
“My budget is to invest in all of America, including places and people that have been forgotten,” Biden yelled on stage with messages like “invest in America” and “strong unions.” I saw it from behind..
The president promised to keep fighting for his aides and said there was “still” work to be done.
budget Reflects Biden’s political priorities has yet to officially announce its campaign for re-election in the 2024 presidential election, but plans to do so in the coming months.
Biden wants to raise taxes on the wealthy
The main idea of the text is Fund higher social spending by raising taxes on the wealthy and removing subsidies to energy, pharmaceutical and cryptocurrency companies. At the same time, the public deficit will be cut by $3 trillion over the next decade.
Mr. Biden asks Raising $4.7 Trillion in Tax Increases For example, it means a reversal of tax reforms approved under the government in 2017, such as tax increases for those earning more than $400,000 million a year. donald trump (2017-2021).
The president is asking Congress to approve $6.8 trillion in the budget, $0.6 trillion more than the $6.2 trillion that Congress approved last year.
Biden’s Proposal We have raised over $1 billion to invest in housing assistance, Medicaid health programs for resource-poor people, and children’s education. This enabled 4 million children under the age of 4 in the United States to attend free school.
The president also wants to raise enough money to keep the Medicare health care system for people 65 and older alive for another 25 years.
Also what the budget demands Lower drug prices, increase college scholarships, restore tax credits This would give each family $3,600 per child per year.
Most of the texts are dedicated to these social programs although there is also a section dedicated to foreign policy, with a particular focus on the wars in China and Ukraine.
Approval of the budget for fiscal year 2024 (October 1, 2023 to September 30, 2024) is normally seen as the beginning of Presidential negotiations with Congress, the only body with the power to approve the budget. is done.
The 182-page text has already been rejected by the Speaker of the House of Representatives Republican Kevin McCarthy, in a statement He called Biden’s proposal to invest in social programs “far left.”
Republican Accuses Biden of spending too much And for months they have threatened to block the suspension of the public debt ceiling. This would make the United States default on its debt for the first time in its history.
In January, the U.S. reached a debt level of $31.4 trillion, The government estimates it will run out of funds to service the debt between July and September.
Biden’s budget did not make the cuts requested by the Republicans and even increased funding for many social programs.