White House says Biden budget will reduce deficit by $3 trillion over next 10 years
The president Joe Biden announced the Democrats’ “campaign” budget for fiscal year 2025 on Monday, highlighting his efforts to boost middle-class Americans just months before November’s presidential election.
The proposals include restoring the expanded child tax credit, strengthening Medicare drug pricing negotiations, national paid family leave programs, affordable housing and more.
The White House maintains that Biden’s budget will reduce the deficit by $3 trillion over the next 10 years, primarily through adjustments to the tax code that target the ultra-rich and reduce “wasteful subsidies.”
“The budget details the president’s vision to protect and build on this progress and deliver on the agenda set forth in the State of the Union by lowering costs for families growing the economy from the middle and bottom up, investing across America to ensure fairness to the middle class, and we are leaving no one behind,” said Salandra Young, director of the Office of Management and Budget.
The policies, however, they have little possibility of advancement in today’s divided Congress comments ABC. Lawmakers are responsible for setting the budget and are still working to fund some essential services for the rest of the current fiscal year.
The main pillars of Biden’s budget proposal:
- Savings in health care
- Child care costs
- Home ownership tax rebates
- Foreign policy financing
- Tax changes
Source :Skai
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