.POTUS's $6.8 trillion budget proposal is likely to do anything but cut the deficit, instead only expanding social spending programs and increasing taxes on high-income earners and corporations.
President Joe Biden’s fiscal 2024 budget proposal claims that if enacted, it will make a real dent in the federal budget deficit, which now stands at $1.8 trillion. But the $6.8 trillion budget proposal is likely to do anything but cut the deficit, instead only expanding social spending programs and increasing taxes on high-income earners and corporations.
To combat the administration’s coverage concerns and states that haven’t expanded Medicaid, the proposed budget would create “Medicaid-like coverage” for low-income adults in nonexpansion states. The exact definition is unclear, yet the Medicaid expansion would include additional “financial incentives to ensure States maintain their existing expansions.”
The Biden budget proposal also intends to “make permanent the expanded premium tax credits,” which came to fruition during the pandemic. “The budget proposes a continued expansion of [HCBS]. While facilitating more seniors to stay in their homes is a welcome goal and something we know they value, the price tag, $150 billion over 10 years, is quite high, and research is mixed on whether HCBS reduces overall healthcare costs,” Markus Bjoerkheim, a postdoctoral research fellow with George Mason University’s Mercatus Center, told the Washington Examiner.
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