President Joe Biden is ready to unveil his proposed federal budget, his opening offer in a high-stakes debate about federal finances
President Joe Biden delivers the State of the Union address to a joint session of Congress at the U.S. Capitol, Tuesday, Feb. 7, 2023, in Washington, as Vice President Kamala Harris and House Speaker Kevin McCarthy of Calif., listen. WASHINGTON — — With the government at risk of defaulting, President Joe Biden on Thursday will make his opening offer in a high-stakes debate over federal finances as he proposes a federal budget that would cut deficits by nearly $3 trillion over the next decade.
Biden’s package of tax and spending priorities is unlikely to pass the House or Senate as proposed. Senate Minority Leader Mitch McConnell, R-Ky., predicted in advance that the plan “will not see the light of day,” a sign that it might primarily serve as a messaging document going into the 2024 elections.
The official who provided the budget details spoke on condition of anonymity to preview the plan before its official release.— Expand the ability of Medicare to negotiate on pharmaceutical drug prices, saving an estimated $160 billion over a decade.— Take new steps to reduce identity theft and unemployment insurance fraud.
McCarthy told The Associated Press that his plan's release has been pushed back because Biden's proposal is only just being issued.
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