Biden prepares to release budget proposal with eye toward 2024
CBSN
Washington — The White House is preparing to release President Biden's annual budget proposal on Thursday, when he will lay out his administration's priorities for the next fiscal year as he readies an expected reelection bid with Republicans in control of the House.
The proposal is expected to include plans to strengthen entitlement programs by raising taxes on the wealthy and include trillions of dollars in deficit-reduction measures aimed at blunting GOP attacks about runaway government spending. In an indication of the political dynamics underlying the plan, Mr. Biden will travel to Pennsylvania, a crucial swing state, to deliver a speech Thursday afternoon on the details of his budget.
The president's budget serves as a starting point for negotiations with lawmakers who are ultimately responsible for crafting and passing spending bills that keep the government running. Presidents' budgets as proposed are never identical to what Congress passes, particularly when the opposition party controls one or both chambers, but they are useful for revealing the administration's priorities and expectations. As he and other presidents have done before, Mr. Biden is releasing this budget proposal weeks after a deadline of early February.
