The Biden Administration’s proposed 2024 U.S. budget of $6.9 trillion aims to help the average American save money through funding programs. The administration plans to minimize the federal deficit by $3 trillion over the next decade. The proposed budget includes several measures to reduce costs for households with children, such as expanding access to affordable, quality childcare for over 16 million kids and providing $500 million for free pre-school in high poverty areas, as reported by GOBankingRates on March 10, 2023.
The budget also addresses the hidden costs of renting by proposing landlords eliminate or disclose “junk fees” and promises to crack down on similar fees in other sectors of the economy. Additionally, according to a report on the official White House website published on March 9, 2022, the administration plans to lower utility bills by investing in clean energy and infrastructure projects, including $375 million for weatherizing low-income homes and $1.55 billion for improving energy efficiency.
The Affordable Care Act will use expanded premium tax credits to provide permanent $800 per year premium cuts and offer Medicaid-like coverage in states that haven’t adopted the Medicaid expansion, according to the Kaiser Family Foundation on February 16, 2023. Prescription medicine prices will fall for all Americans.
Overall, the proposed budget aims to positively impact households with children, renters, those who pay fees and utility bills, and those who budget for health care.