President Details FY 2024 Budget Proposal
President Biden has announced his $6.9 trillion budget proposal for 2024, which lays out his policy priorities for the next fiscal year. Biden’s budget addresses many of the items he laid out in his most recent State of the Union address.
The budget details the Administration’s plans to lower costs and cut taxes for working families; expand access to childcare, education, housing, and healthcare; and protect and strengthen Medicare and Social Security.
Overall, the discretionary portion of the budget promotes non-defense programs. Specifically, the budget seeks $688 billion in non-defense programs, up 7.3% from the current year, and calls for a lesser increase for military and national security, requesting $842 billion for Defense programs, up about 3%. The rest of the spending is for mandatory programs.
Another important aspect of the proposed budget is lowering the deficit by nearly $3 trillion over the next decade by raising trillions of dollars in taxes on corporations and the wealthy, including by instituting a 25% minimum tax on the top 0.01% of the most affluent Americans.
Biden’s proposed budget faces strong opposition and is unlikely to be adopted as is with narrow majorities in both the House and Senate. However, President Biden will need to work with lawmakers to establish some budget agreements before the summer deadline for raising or suspending the nation’s borrowing limit to avoid a potential default.