President Joe Biden’s proposed budget for the 2024 fiscal year will propose cutting the U.S. deficit “by nearly $3 trillion over the next decade,” White House press secretary Karine Jean-Pierre said.
President Joe Biden’s proposed budget for the 2024 fiscal year will propose cutting the U.S. deficit “by nearly $3 trillion over the next decade,” White House press secretary Karine Jean-Pierre said Wednesday.
The president is slated to roll out his budget proposals formally at an event Thursday in the swing state of Pennsylvania, but the White House already has been releasing some of them this week. Biden’s budget is due to include a proposal to bolster Medicare by raising the Medicare tax rate on earned and investment income to 5% from 3.8% for people making more than $400,000 a year.
A number of the president’s budget proposals aren’t expected to find much traction in the Republican-run House of Representatives, but they could help provide the Democratic incumbent with talking points in a 2024 re-election campaign. Biden appears poised to announce in the coming weeks that he’ll run for president again.
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