President Biden Proposes $7.3 Billion Budget, Emphasizing Progressive Policies
President Joe Biden has unveiled a $7.3 billion budget proposal, outlining his administration’s focus on progressive initiatives while seeking increased funding for various priorities such as crime prevention, border security, and foreign aid.
Typically regarded as wish lists, presidential budget proposals present an administration’s policy priorities. However, due to the current divided legislature, many of these requests are expected to face challenges in gaining approval.
The proposed budget, covering the fiscal year 2025 starting in October, serves as a platform for Biden’s re-election campaign, positioning his policies against potential rival Donald Trump.
The White House describes Biden’s vision as one of progress and resilience, contrasting it with Republican plans that, according to them, favor big corporations and wealthy individuals while increasing the deficit.
Biden’s budget aims to raise taxes on corporations and the wealthiest Americans, partly in response to the 2017 tax cuts enacted under the Trump administration. Key proposals include increasing the corporate tax rate to 28% and ensuring that individuals with wealth exceeding $100 million pay at least 25% of their income in taxes.
Additionally, the budget seeks to reinstate the child tax credit, fund childcare programs, invest in housing, and provide paid family leave. It also addresses climate change, healthcare costs, and social safety net programs.
The proposal aims to reduce annual deficit spending by $3 trillion over the next decade, although the national debt is expected to continue growing.
Addressing concerns about crime and border security, the budget allocates significant funding for law enforcement and immigration processing and enforcement. It also includes provisions to support key partners in the Middle East and North Africa, increase assistance to Palestinians, and provide additional aid to Israel, Ukraine, and Taiwan.
Despite the partisan divide, with Congress still operating without a full budget for the current fiscal year, Biden’s proposal underscores his administration’s priorities and sets the stage for negotiations with lawmakers.
