OnPolitics: What's in Pres. Joe Biden's budget?

President Joe Biden proposed spending increases and trimming the federal deficit, but what does that look like?

Read in browser Read in browser On Politics Thu Mar 9 2023 Hi there, OnPolitics readers!  President Joe Biden released his long-awaited budget proposal today, kicking off what is expected to be a months-long fight over the federal budget between the Biden administration and Republicans, USA TODAY's White House team reports.  What's in the proposed budget:  • A 'billionaires' tax: Biden's budget calls for new taxes on wealthy Americans, including a "billionaires' tax" that would impose a 25% minimum income tax on the wealthiest 0.01% of Americans.  • A deficit reduction: The proposal promises to trim the federal deficit by nearly $3 trillion over the next decade, which is expected to be nixed once it reaches Congress.  • Increase in defense spending: The budget calls for a $26 billion increase in Pentagon spending, boosting its overall budget to $842 billion -- a 3.2% increase over 2023. 🔎 More budget details from our live coverage: What's in Biden's $6.8 trillion budget? Raising taxes on the rich, GOP calls it 'misguided' 🔮 What is the future for Social Security? President Joe Biden budget release silent on how to keep Social Security afloat long-term 📣 For subscribers: Takeaways from Biden's budget. 📨 Get this newsletter in your inbox: Don't miss our politics coverage. Sign up for OnPolitics. 5 takeaways from Joe Biden's dead-on-arrival $6.9 trillion budget President Joe Biden's budget includes $5 trillion in tax increases, delivering an opening salvo in a fight with Republicans to raise the debt ceiling. READ MORE On crime, the border and the budget, Biden signals his reelection bid No formal 2024 reelection announcement yet, but President Joe Biden has all but planted a "Four More Years" lawn sign at 1600 Pennsylvania Avenue. READ MORE Facing immigration issues, Biden proposes border security budget increase In a 2024 budget plan, President Joe Biden allocates about $25 billion for border security and immigration via the Department of Homeland Security. READ MORE Biden's budget includes more money for DOJ to combat gun violence Additional FBI funding is to implement the Bipartisan Safer Communities Act, the most significant gun control package to clear Congress in 30 years. READ MORE As Biden unveils his budget, the GOP plans these spending cuts After President Joe Biden reveals his budget, it's up to Republicans and Democrats in Congress to pass a federal budget. The GOP plans to push cuts. READ MORE Spokesman: Senate Republican Leader Mitch McConnell hospitalized after fall The Kentucky Republican, 81, "tripped at a local hotel during a private dinner," Mitch McConnell's spokesman, David Popp, told USA TODAY. READ MORE Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •   Manage Newsletters  •  Terms of Service  •   Privacy Policy/Your California Privacy Rights  •  Privacy Notice  •   Do Not Sell My Info/Cookie Policy  •  Feedback