President Joe Biden on Thursday unveiled plans for government spending and higher taxes on the wealthy, choosing the swing state of Pennsylvania to reveal his playbook for an expected 2024 reelection bid.
Speaking at a Philadelphia union hall, the Democratic president challenged his Republican opposition on fiscal responsibility, highlighting plans to cut the nation's deficit by nearly $3 trillion over 10 years by raising taxes on those earning more than $400,000 a year.
Biden's budget proposal already faces stiff opposition from Republican lawmakers emboldened by winning control of the House of Representatives in November's midterm elections. Large parts of his agenda are unlikely ever to be enacted by this Congress. U.S. President Joe Biden delivers remarks about his budget for fiscal year 2024 at the Finishing Trades Institute in Philadelphia, Thursday.
Total U.S. debt would rise to nearly 110% of annual gross domestic product in 2033, a figure that rivals the peaks during the country's mobilization for World War II. Maya MacGuineas, president of the Committee for a Responsible Federal Budget advocacy group, said the budget did not go nearly far enough to rein in dangerous debt levels or the long-term funding challenges associated with the Social Security old-age program.
Biden's proposals, meanwhile, are a sweeping endorsement of the power of the federal government to solve big problems.
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