$9.2 Trillion Budget for 2024 President Biden’s Agenda Challenges Republicans, Includes Giving Higher Taxes to Riches

In the swing state of Pennsylvania, US President Joseph Biden announced his tactical plan for an anticipated 2024 reelection campaign, which included increased spending and higher taxes on the wealthy. In total, the budget will increase federal expenditure from US$6.2 trillion in the current fiscal year to US$6.8 trillion (S$9.2 trillion) during the 12 months beginning in October.

According to an article published by The Strait Times on March 10, 2023, republican legislators, emboldened by taking back control of the House of Representatives in November’s mid-term elections, are putting up a strong fight against Mr. Biden’s budget proposal. It is unlikely that this Congress will pass many of his proposals.

Even if Mr. Biden is successful in getting his proposals for more taxes and cost-cutting measures, the budget anticipates annual deficits of more than US$1 trillion for the next ten years. By 2033, the total US debt will be close to 11% of GDP, a level that is comparable to the heights reached when the nation was mobilizing for World War II. The administration’s budget was created based on a modest 0.6% inflation-adjusted growth prediction for the current fiscal year.

The President asked for US$886 billion in national defense budget, a 3.2% increase above the amount approved for the fiscal year 2023.

As a nod to two topics Republicans frequently bring up in their caustic criticism of the administration, Mr. Biden also suggested spending increases for border protection and crime prevention. The nonpartisan Washington think group, the Committee for a Responsible Federal Budget, stated that Mr. Biden should be commended for proposing a $3 trillion decrease in the deficit.