Yesterday President Joe Biden released his new $6.8 trillion budget proposal for the 2024 fiscal year. It includes higher taxes for the wealthy and increased social programs.
Biden presented his budget at a union hall in Philadelphia, PA, in a campaign-style event. He said his budget will “lift the burden on hardworking Americans,” as his plans include increasing taxes for billionaires and corporations.
The tax increases would bring in an estimated five trillion dollars in the next decade, which Democrats say they would use to reduce the country’s debt. The plan asks for $7 billion to support refugees, $40 million to combat fentanyl trafficking and $842 billion for the military.
Republicans quickly voiced their disagreement with the budget. Texas Rep. Jodey Arrington said: “His new budget contains the highest sustained levels of taxes, spending and deficits in American history,” and Republican Speaker of the House Kevin McCarthy called it “completely unserious.”
Biden said he is open to meeting with McCarthy at any time to work through the budget, and “then fight down in Congress.”