President Joe Biden has unveiled an election-year budget totaling $7.3 trillion, outlining his policy vision for a potential second four-year term and aiming to convince skeptical Americans that he can manage the economy better than his predecessor, Donald Trump.
Biden's budget proposal includes several key measures aimed at addressing economic challenges and funding new programs to support low- and middle-income individuals. These measures include:
Biden plans to raise taxes on corporations and high earners to cut the deficit and fund new programs. This includes raising the corporate income tax rate to 28% from 21% and implementing a minimum tax on individuals with wealth over $100 million.
The budget allocates funding for various new programs, including childcare programs, housing initiatives, and paid family leave for workers. It also proposes bringing back the child tax credit for low- and middle-income earners.
Significant funding is earmarked for law enforcement, reflecting ongoing concerns about public safety and crime rates.
In contrast to Biden's approach, Trump's economic strategy emphasizes sharply increasing tariffs on imported goods and reducing regulations on energy producers.
Biden's budget aims to reduce deficit spending by $3 trillion over 10 years, although it would not completely halt the growth of the national debt. Deficits are projected to decline gradually over the decade.
Despite Biden's proposals, his budget is expected to face significant opposition from Republicans, who have criticized the spending levels and tax increases. Additionally, the budget reflects ongoing political tensions, as the government operates without a full-year budget for 2024 due to disagreements between lawmakers.
Overall, Biden's budget represents his administration's priorities and policy agenda, setting the stage for debates and negotiations over fiscal policy and economic strategy in the coming years.
