WATCH LIVE: President Biden is in Philly unveiling his proposed federal budget where he wants to impose tax hikes for the wealthy. Watch in app NOW.
President Joe Biden is ready to unveil his proposed federal budget, his opening offer in a high-stakes debate about federal finances.
The first-term Democrat is proposing to cut deficits by nearly $3 trillion over the next decade. It’s part of a broader attempt by the president to call out House Republicans, who are demanding severe cuts to the federal spending in return for increasing the government’s legal borrowing authority. It's part of a broader attempt by the president to call out House Republicans, who are demanding severe cuts to federal spending in return for lifting the government's legal borrowing limit. But the GOP has so far, other than a flat “no” to a budget plan that could form the policy spine of Biden's yet-to-be-declared campaign for reelection in 2024.
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