Staff Reports
President Joe Biden revealed his budget request for fiscal 2025, and oh boy, does it paint a picture! It’s a whopping $7.3 trillion, a 4.7% increase from the current budget. The budget includes a little somethin’ for everyone: defense funding goes up by 1%, discretionary spending by 2.4%, and a dash of fiscal responsibility, according to the White House.
But hold on to your hats, folks, because this budget is all about Bidenomics! That’s right, the White House is touting this budget as a major cost-cutting initiative for American households. There’s talk of renewing the full child tax credit, expanding drug pricing caps, and even rolling out a new, affordable childcare program for lower income households. They’re really pulling out all the stops on this one!
Inflation rose 3.2% in February. Now Biden is requesting $7.3 TRILLION? Beyond irresponsible!https://t.co/H2qNxS2h1p
— Tea Party Patriots (@TPPatriots) March 12, 2024
And of course, no Biden budget would be complete without a good ol’ jab at the former president and Republicans. The White House is claiming that any counterproposals would spike health care costs for Americans and potentially roll back federal benefits programs. They’re really hammering home the “pay your fair share” message, aiming to raise taxes on the wealthiest individuals and corporations. Biden wants to raise the corporate tax rate from 21% to 28% and set a 25% minimum “billionaire” tax rate for those worth over $100 million. But don’t worry, they promise it won’t touch the wallets of households making less than $400,000 a year.
This budget also throws a bone to House Republicans by including $92 billion in aid for Ukraine, Israel, Gaza, and Indo-Pacific partners, and an extra $4.7 billion for “contingency” funding related to border security. The White House is hollering about using these funds for surge-related encounters and getting their hands on some new equipment to sniff out fentanyl at the border.
But let’s cut to the chase, shall we? This budget is more about symbolism than substance. With an election on the horizon, it’s clear that Republicans won’t be rushing to embrace Biden’s budget with open arms. House Speaker Mike Johnson wasted no time calling it “another glaring reminder of this administration’s insatiable appetite for reckless spending.” And to top it off, Biden’s budget director, Shalanda Young, practically admitted that this budget is all about showcasing Biden’s economic priorities to voters.
Well, there you have it, folks. Biden’s budget is a real head-turner, but there’s no way Congress is gonna let it sail through without a spicy debate. So, buckle up, because this budget showdown is gonna be one for the history books!
