President Biden is expected to unveil his budget proposal on Thursday, outlining vast and expensive ambitions to shore up Medicare and bolster public health preparedness. The president's budget proposal will include trillions of dollars in new spending that has no chance of passage in a Republican House, even as he seeks to reduce the deficit.
Today, Biden is visiting a union hall in Philadelphia to discuss his 2024 fiscal year budget proposal, outlining his priorities and economic agenda as he prepares to mount an expected reelection bid. The president's budget proposal will include investments to address urgent needs to extend Medicare solvency, lower drug costs, improve public health preparedness, and improve the well-being of citizens.
Biden is expected to speak about his administration's budget around 2:30 p.m. in Northeast Philadelphia. The White House unveiled Biden's budget on Thursday, boosting taxes on the rich and lowering the deficit, kicking off a fiscal fight with Republican lawmakers on Capitol Hill.
The president's budget proposal will also include increases in spending on infrastructure, housing, and health care, as well as tax hikes on corporations and wealthy Americans to pay for the ambitious initiatives. Furthermore, it will also include investments in clean energy, education, and workforce development.
Biden's budget proposal also includes measures aimed at curbing gun violence, a major priority for the president. The proposal includes funding for background checks and research into gun violence, as well as additional funding for state and local law enforcement agencies.
The president's budget proposal includes a significant increase in funding for national security, including $753 billion for the Pentagon and $6 billion for the Department of Homeland Security. It also includes $4.4 billion for the Department of State and $2.2 billion for the U.S. Agency for International Development (USAID).
In addition, the president's budget proposal calls for increased international cooperation to address global challenges such as climate change and global health. The budget includes $50 billion for the Global Health Security and Biodefense fund, as well as increased funding for global development assistance, peacekeeping operations, and other international initiatives.
Overall, President Biden's 2024 budget proposal is a bold and ambitious plan that seeks to address many of the nation's most pressing concerns. The budget's passage is far from certain, as it faces opposition from Republicans in the House. Nonetheless, this budget proposal will serve as a blueprint for the president's agenda and priorities going forward.
