{"id":561407,"date":"2023-03-09T01:54:09","date_gmt":"2023-03-08T22:54:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/heres-what-to-watch-for-in-bidens-budget\/"},"modified":"2023-03-09T01:54:09","modified_gmt":"2023-03-08T22:54:09","slug":"heres-what-to-watch-for-in-bidens-budget","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/heres-what-to-watch-for-in-bidens-budget\/","title":{"rendered":"#Here\u2019s what to watch for in Biden\u2019s budget\u00a0\u00a0"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3fab0157bd8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3fab0157bd8\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-what-to-watch-for-in-bidens-budget\/#Heres_what_to_watch_for_in_Bidens_budget\" >Here\u2019s what to watch for in Biden\u2019s budget\u00a0\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Heres_what_to_watch_for_in_Bidens_budget\"><\/span>Here\u2019s what to watch for in Biden\u2019s budget\u00a0\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/bidenjoe_020723gn21_w.jpg?w=900\" \/><\/p>\n<div>\n<p>Republicans and Democrats alike are bracing for the release of President Biden\u2019s proposed budget for fiscal year 2024, as a fight over the nation\u2019s debt limit begins to heat up on Capitol Hill.\u00a0<\/p>\n<p>While the budget isn\u2019t set for release until Wednesday afternoon, some details have already begun to trickle out around what the request will entail, including reports of plans to tackle the country\u2019s deficits by trillions over the next decade as Biden teases tax hikes targeting wealthier Americans.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr1_ab\"><\/aside>\n<p>The request isn\u2019t expected to make it far in the divided Congress, as the now GOP-led House gears up plans for their own massive budget rollout to bring down spending in the coming weeks. But Democrats see the forthcoming spending proposal as a framework for the priorities the party plans to push in bipartisan spending negotiations later this year.\u00a0<\/p>\n<p>Here are some areas to watch for in Biden\u2019s budget.\u00a0\u00a0<\/p>\n<p><strong>Tax increases<\/strong>\u00a0<\/p>\n<p>In recent weeks, Biden has detailed plans to push for tax hikes targeting wealthier Americans, laying the groundwork for another partisan battle over taxes in Washington.\u00a0\u00a0<\/p>\n<p>While previewing his fiscal plan during the State of the Union address last month, Biden said the budget proposal would lower the nation\u2019s deficit by $2 trillion over the next decade. But\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/apnews.com\/article\/biden-budget-deficit-trillion-republicans-economy-810ff80dcd8812f2138eef571f2444f3\">recent reports<\/a>\u00a0have put the figure in the ballpark of almost $3 trillion.\u00a0<\/p>\n<p>Biden has vowed his plan won\u2019t include tax increases on Americans earning less than $400,000 annually, instead centering his focus on higher income individuals and corporations \u2013 an idea that has enjoyed wide support in his party.\u00a0\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr2_ab\"><\/aside>\n<p>Last month, Biden offered a proposal that would require wealthier households to pay a 20 percent tax on income and unrealized gains of liquid assets. The White House is also\u00a0expected\u00a0to push for beefing up the stock buyback tax that Democrats passed as part of the Inflation Reduction Act last year, among other proposals.\u00a0<\/p>\n<p>Talk of such proposals has already been met with fierce opposition from Republicans, but also arrives as Washington remains split over how to address the nation\u2019s rising debt, which stands at more than $31 trillion.\u00a0\u00a0<\/p>\n<p><strong>Medicare solvency\u00a0<\/strong>\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr3_ab\"><\/aside>\n<p>Ahead of the president\u2019s budget rollout on Wednesday, the Biden administration released a plan aimed at shoring up solvency for Medicare.\u00a0<\/p>\n<p>The plan seeks to extend the lifetime for Medicare\u2019s Hospital Insurance Trust Fund by at least 25 years, as the fund is projected to become insolvent by 2028. But to do so, the proposal also calls for a higher tax rate \u201con earned and unearned income above $400,000.\u201d\u00a0<\/p>\n<p>The plan prompted\u00a0im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te pushback\u00a0from Republicans who decried the proposed tax as \u201cmassive,\u201d while some liberals have <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lauded the push, which also includes measures aimed at cutting costs for beneficiaries, as a \u201cstep in the right direction.\u201d\u00a0\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr4_ab\"><\/aside>\n<p>The pitch faces a long shot in the Republican-controlled House, where leaders have drawn red lines around any tax increases. It also shows a stark contrast between where the White House is on proposed reforms to address funding issues facing the entitlement program, compared \u200b\u200bto ideas offered by\u00a0some Republicans\u00a0that are aimed at tightening eligibility requirements.\u00a0<\/p>\n<p><strong>Plan to \u2018strengthen\u2019 Social Security\u00a0<\/strong>\u00a0<\/p>\n<p>In the Biden administration\u2019s recent announcement detailing the Medicare proposal, the White House also said the president\u2019s upcoming fiscal 2024 budget would also include his plan to \u201cstrengthen Social Security.\u201d\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr5_ab\"><\/aside>\n<p>The Tuesday announcement didn\u2019t include further mentions of the entitlement program, but the development comes as the fate of Social Security, which some projections say could reach insolvency in less than a decade, has dominated discussions among lawmakers in recent weeks.\u00a0\u00a0<\/p>\n<p>Democrats have pointed to past GOP proposals to cut Social Security and Medicare to argue the GOP can\u2019t be trusted with the future of the programs. Republicans have promised to not make cuts to either program as part of talks to raise the debt ceiling.\u00a0<\/p>\n<p>However, bipartisan talks separate exploring potential reforms to protect Social Security have seen some pick-up in the past few months, separate from the ongoing discussions over how to address the debt ceiling, which caps how much money the Treasury can borrow to pay the government\u2019s bills.\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr6_ab\"><\/aside>\n<p><strong>Defense spending<\/strong>\u00a0<\/p>\n<p>Lawmakers on both sides say they plan to pay close attention to Biden\u2019s proposed spending levels for defense, as the Pentagon budget has seen some scrutiny from Republicans this year.\u00a0\u00a0<\/p>\n<p>As Republicans ramp up calls for spending cuts in exchange for their help to raise the debt limit, the party has also seen clashes amongst its own members over where defense dollars should factor into talks amid calls from some conservatives to trim military spending in certain areas.\u00a0\u00a0<\/p>\n<aside class=\"ad-unit ad-unit--mr7_ab\"><\/aside>\n<p>At the same time, Senate Minority Leader Mitch McConnell (R-Ky.) has called for \u201csubstantial\u201d increases to defense spending. Other Republicans have also stepped up pressure on Biden for what they have described as sufficient increases to the Pentagon.\u00a0<\/p>\n<p>Pressed on what he\u2019s watching for in Biden\u2019s budget, Sen. Lindsey Graham (R-S.C.) told The Hill he\u2019s \u201clooking forward to seeing\u201d what the president proposes for military spending, but he also said he thinks it will \u201cbe woefully inadequate to the threats we face.\u201d\u00a0<\/p>\n<p>However, as House Republicans have struggled to unify behind a strategy in debt limit conversations, some Democrats say they see an opportunity for negotiations for domestic spending on the Senate side.\u00a0\u00a0<\/p>\n<p>Sen. Sheldon Whitehouse (D-R.I.), chair of the Senate Budget Committee, told reporters on Tuesday that he expects Republicans to \u201cseek to add to the defense side\u201d once Biden\u2019s budget comes out.\u00a0<\/p>\n<p>And, in response, he said \u201cthe Democrats [will] seek to maintain parity and negotiating happens.\u201d\u00a0<\/p>\n<\/div>\n<p>Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thehill.com\/homenews\/administration\/3890641-heres-what-to-watch-for-in-bidens-budget\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here\u2019s what to watch for in Biden\u2019s budget\u00a0\u00a0 Republicans and Democrats alike are bracing for the release of President Biden\u2019s proposed budget for fiscal year 2024, as a fight over the nation\u2019s debt limit begins to heat up on Capitol Hill.\u00a0 While the budget isn\u2019t set for release until Wednesday afternoon, some details have already&#8230;<\/p>\n","protected":false},"author":1,"featured_media":561408,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/thehill.com\/wp-content\/uploads\/sites\/2\/2023\/02\/bidenjoe_020723gn21_w.jpg?w=1280","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[134344,136488,30889,51697,134343,73798,124783,991,100275,41445,115,134368,71694],"class_list":["post-561407","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-administration","tag-appropriations","tag-biden","tag-budget","tag-campaign","tag-defense","tag-international","tag-joe-biden","tag-medicare","tag-mitch-mcconnell","tag-news","tag-pentagon","tag-social-security"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561407","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=561407"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/561407\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/561408"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=561407"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=561407"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=561407"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}