• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Friday, June 13, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home News

US President Joe Biden proposed $6.8 trillion budget plan for 2024

by Om Chaturvedi
March 11, 2023
in News, World
Reading Time: 3 mins read
0
US President Joe Biden proposed $6.8 trillion budget plan for 2024

Credits: The Japan Times

TwitterWhatsappLinkedin

President Biden is using the release of his $6.8 trillion budget for fiscal year 2024 to challenge House Republicans to produce their own tax and spending blueprint without cutting Medicare or Social Security. Biden’s plan, which has little chance of being enacted by Congress, amounts to the clearest distillation of his political priorities as he prepares to mount a re-election campaign by running against congressional Republicans.

You might also like

InterGlobe Enterprises Set to Offload 4% IndiGo Stake via Block Deals

Ola’s Zero Commission Revolution: Empowering Drivers, Redefining Ride-Hailing

IPO-Bound Groww Raises $200 Mn at $7 Bn Valuation, Posts Profit Surge

“I want to make it clear: I’m ready to meet with the Speaker [Kevin McCarthy]) anytime — tomorrow if he has his budget,” Biden said in Philadelphia. “My budget is going to give working people a fighting chance,” he said. “We have made a lot of progress in the first two years.” The message to the wealthiest Americans was clear: “You have to begin to pay your fair share,” Shalanda Young, the director of the Office of Management and Budget, told reporters. “We are happy to have that debate.”

Administration officials have been adamant they will not raise taxes on households making less than $400,000, instead calling on some of the richest individuals to pay more.

Biden's $6.8 trillion budget challenges Republicans, raises taxes on rich
Credits: The Indian Express

The White House says the proposals would help cover $3 trillion in deficit reduction over the next decade, but also serves to show just how much daylight stands between the administration and the GOP over how to address the debt.

“We will see tax policies here that say to the richest Americans and large corporations — you know, some of whom, until we passed the Inflation Reduction Act, paid no taxes — that you have to begin to pay your fair share,” White House budget director Shalanda Young told reporters.

In addition to tax increases on the wealthy, Biden presses for boosts for spending for Democratic priorities and nondefense programs, in a sharp contrast to plans pushed by House conservatives to tackle the nation’s deficits with steep spending cuts.

The budget requests $688 billion in funding for nondefense programs, up 7.3 percent from the previous fiscal year, as well a proposed $121 billion in Veterans Affairs Medical Care Program funding. It also calls for $880 billion in funding for defense programs for fiscal 2024, up 3.3 percent from policies enacted the previous year.

Republicans—who control the House—have panned the request it as “dead on arrival” in Congress. The GOP has called for a deal on significant reductions in government spending, particularly on the nondefense side, in exchange for Republicans votes to raise the debt limit.

After introducing his budget plan in a speech at a union hall in the eastern city of Philadelphia, Biden pressed House Speaker Kevin McCarthy to put forward his plan so that the two can go “line by line” to see what they can agree upon. “I’m ready to meet with the speaker anytime,” Biden said.

Biden Unveils Plan for Medicare Funding in $6.8 Trillion Budget Proposal
Credits: | MedPage Today

Shalanda Young, director of the White House Office of Management and Budget, and Cecilia Rouse, chair of the White House Council of Economic Advisers, told reporters the Biden budget plan is looking to build on what they see as the successes of the first two years of his administration.

“It will boost American manufacturing, provide national paid leave, cut taxes for working families, make our communities safer, drive medical breakthroughs … deliver for our veterans and a whole lot more,” Young said. “That’s the right way to continue growing our economy.”

“Congressional Republicans keep saying they want to reduce the deficit. But they have not put out a comprehensive plan showing what they’ll cut,” Young said. “We don’t know until they put out a plan. We’re looking forward to seeing their budget so the American people can compare it to what we’re putting out.”

The unveiling of Biden’s budget priorities sets the stage for months of debate.

U.S. budgets are rarely approved by the October 1 start of each new fiscal year, with Congress and the White House — no matter which party controls the presidency or the legislative branch — usually agreeing on continuing spending at current levels until finally reaching an agreement on future funding.

Tags: #Joe_Biden2024budgetUS
Tweet54SendShare15
Previous Post

New York Attorney General filed lawsuit against Kucoin

Next Post

Justin Sun created $100 million Huobi liquidity fund amid HT Token Flash Crash

Om Chaturvedi

Om is a final year Engineering student in Panjab University, Chandigarh. Content Writer by Choice. Special Interest in Crypto, Metaverse and AI. Three Years of Experience in writing and ambitious to bring change with Pen & thoughts.

Recommended For You

InterGlobe Enterprises Set to Offload 4% IndiGo Stake via Block Deals

by Ishaan Negi
June 13, 2025
0
InterGlobe Enterprises Set to Offload 4% IndiGo Stake via Block Deals

The parent company of low-cost airline behemoth IndiGo, InterGlobe Enterprises, is reportedly seeking to sell off up to 4% of the firm through block agreements, a move that...

Read more

Ola’s Zero Commission Revolution: Empowering Drivers, Redefining Ride-Hailing

by Ishaan Negi
June 13, 2025
0
MapMyIndia alleges data theft and unfair practices by Ola to develop Ola Maps

In India’s ever-bustling cities, cab drivers are the silent engines that keep people moving. For years, many of them have relied on platforms like Ola and Uber to...

Read more

IPO-Bound Groww Raises $200 Mn at $7 Bn Valuation, Posts Profit Surge

by Ishaan Negi
June 13, 2025
0
IPO-Bound Groww Raises $200 Mn at $7 Bn Valuation, Posts Profit Surge

In a significant milestone ahead of its anticipated IPO, India’s leading online investment platform Groww has secured $200 million in a funding round led by Singapore’s sovereign wealth...

Read more
Next Post
Justin Sun created $100 million Huobi liquidity fund amid HT Token Flash Crash

Justin Sun created $100 million Huobi liquidity fund amid HT Token Flash Crash

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?