President Biden Unveils $7.3 Trillion Budget Proposal for 2025

Chloe Whisperwillow

Updated Tuesday, March 12, 2024 at 11:16 AM CDT

President Biden Unveils $7.3 Trillion Budget Proposal for 2025

In a bold move that sets the stage for his anticipated reelection campaign, President Joe Biden has unveiled a $7.3 trillion budget proposal for the fiscal year 2025, focusing on tax increases for the wealthy and corporations, and bolstering spending on social programs. The proposal, announced on Monday, targets individuals earning over $400,000 and corporations, aiming to generate $5 trillion in new taxes over ten years. This includes bumping the corporate tax rate up from 21% to 28%. Biden's budget also earmarks $100 billion to enhance border security and continues support for allies like Israel and Ukraine.

However, with the Republican-controlled House, the full adoption of Biden's budget seems unlikely, as GOP members have expressed staunch opposition. The proposal is seen not just as a fiscal plan but as a political platform for Biden, positioning him as a defender of government assistance for workers, parents, manufacturers, retirees, students, and climate change initiatives. The plan seeks to reduce the federal deficit by $3 trillion over the next decade, despite projections of average annual budget deficits of about $1.6 trillion over the same period.

Amidst concerns over the growing government debt relative to the economy, Biden administration aides like Young and Jared Bernstein believe that the projected deficits will not harm the economy. Key initiatives in the budget include establishing a national paid leave program, temporarily reinstating an expanded child tax credit, offering tax credits for homebuyers, and expanding health insurance assistance under the Affordable Care Act.

Biden has also taken a stand against cuts to Social Security and Medicare, proposing instead to fund improvements to solvency through higher payroll taxes on high-income earners. The proposal also extends tax cuts to those earning under $400,000 and introduces measures to combat consumer costs tied to housing and college tuition.

On the other side of the aisle, the GOP-controlled House Budget Committee, led by Chairman Jodey Arrington (R-Texas), has passed its 2025 budget blueprint with a clear party-line vote. The House Freedom Caucus strongly endorses this plan, which aims to cut national debt by $14 trillion over a decade and maintain tax cuts for the wealthy. The GOP's plan, however, is criticized for its assumptions, including unspecified spending cuts and optimistic economic growth forecasts.

While budget proposals are largely symbolic, they can become politically charged, especially when they involve significant spending cuts or revenue hikes. With unclear signals from House Speaker Mike Johnson (R-La.) on whether Arrington’s budget will reach the floor, GOP moderates may resist, and the Freedom Caucus is pushing for a vote to establish a stark contrast with the Democrats.

Representatives like Andrew Garbarino (R-N.Y.) and Nick LaLota (R-N.Y.) are weighing the budget's implications for their districts, with LaLota specifically concerned about the plan's stance on the cap on state and local taxes. The Committee for a Responsible Federal Budget has condemned the GOP committee's plan as "unrealistic," while Freedom Caucus chairman Rep. Bob Good (R-Va.) emphasizes the need to address spending and debt.

As the battle of the budgets heats up, the political landscape is set for a clash of ideologies, with Biden's proposal serving as a testament to his policy priorities and the GOP's blueprint reflecting a conservative fiscal agenda. The outcome will not only shape the nation's financial future but also influence the political narrative leading up to the November 2024 elections.

Conservative Bias:

Here we go again, folks, with Sleepy Joe and his band of merry socialists rolling out a whopping $7.3 trillion spend-a-thon, all while pretending to care about deficits. They're reaching into the pockets of hardworking Americans, especially targeting the job creators with their tax hikes. This is nothing but a shameless wealth redistribution scheme, complete with handouts and liberal pet projects. They want to expand government control over our lives, from cradle to grave, with their so-called 'social programs.' And let's not forget the laughable attempt at border security—too little, too late. Meanwhile, the GOP is the only bastion of sanity, fighting to preserve our freedoms and curb this runaway spending that's mortgaging our children's future. It's clear as day; Democrats are driving our great nation into a fiscal ditch, all while patting themselves on the back for their fiscal irresponsibility.

Liberal Bias:

Once again, the GOP reveals its true colors, waging war on the working class while shielding their billionaire buddies from paying their fair share. President Biden's courageous $7.3 trillion budget proposal is a beacon of hope, a plan that finally puts everyday Americans first—expanding healthcare, securing our future with climate change initiatives, and ensuring the wealthy pay up. But no, the Republicans, those heartless elitists, balk at the idea of a fair tax system and instead propose a draconian budget that would slash our social safety net to ribbons. Their plan is nothing but smoke and mirrors, a fantasy that caters to the top 1% and leaves the rest of us in the dust. It's an all-out assault on decency, a clear sign that the GOP cares more about their wealthy donors than the American people. Biden's budget is a fight for the soul of our nation against the conservative agenda that's hell-bent on undermining our democracy and the well-being of our citizens.|

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