President Biden released a budget proposal for fiscal year 2024, setting up a debate with Republican lawmakers. See potential bias and similarities in coverage from WSJ, axios, and dcexaminer:
. The plan includes raising taxes on high-earning Americans and corporations in an effort to reduce the federal deficit by $3 trillion over the next decade.The nearly $7 trillion budget plan aims to fund Medicare into the 2050s, expand the child tax credit to $3,000 per child, allocate $59 billion to increasing affordable housing, allocate $885 billion to defense spending, and more.
To pay for the spending and achieve the Administration's goal of reducing the deficit by $3 trillion over the next decade, the plan includes a series of tax increases, including a payroll tax increase on Americans earning over $400,000 per year, back to the rate it was before Trump-era tax cuts, a raise on the corporate tax from 21% to 28%, and more.Biden called his budget plan a “blue-collar blueprint to rebuild America in a fiscally responsible way that leaves no one behind.
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