Biden Budget Proposal

 1440 - The Biden administration released its fiscal year 2024 budget proposal yesterday, a plan totaling almost $6.9T in spending. The figure surpasses the $6.4T projected for 2023, and is roughly 35% higher than 2019, the last full fiscal year before the pandemic. Experts say it is unlikely to gain support in a divided Congress. The plan includes $886B in discretionary defense spending (up 3.3% from the current year) and $688B in nondefense discretionary programs (up 7.3%). The plan also aims to reduce the federal deficit, which was almost $1.4T last year, by $3T over a decade, through a variety of tax increases and provisions. See details on specific programs here. Medicare funding would be shored up for an additional 25 years. Annual spending on the program—which is mandatory, or required by law—makes up 12% of federal outlays but is expected to double by 2033. Funding would largely be raised via a 5% surtax on those making $400K and above.