President Joe Biden announced a budget blueprint Monday that calls for higher taxes on the wealthy, lower federal deficits, more money for police and greater funding for education, public health and housing.
President Joe Biden speaks before signing the American Rescue Plan, a coronavirus relief package, in the Oval Office of the White House, March 11, 2021, in Washington.
There would be $795 billion for defense, $915 billion for domestic programs, and the remaining balance would go to mandatory spending such as Social Security, Medicare, Medicaid and net interest on the national debt. The proposal includes a minimum 20% tax on the incomes of households worth $100 million or more, similar to an earlier proposal Democrats in Congress began debating late last year in order to pay for Biden’s domestic spending plans. But those spending plans were put on hold after talks with West Virginia Sen. Joe Manchin collapsed.
It’s a midterm elections pitch to a nation still off balance from a chaotic few years caused by the pandemic, an economic recession, a recovery, challenges to U.S. democracy, and war in Ukraine. The Biden budget foresees cutting annual deficits by more than $1 trillion over the next decade. Those reductions would occur in large part through higher taxes and the expiration of relief spending tied to the coronavirus outbreak that began in 2020.
“What this budget shows is that President Biden values more spending, more debt, more taxes and more pain for the American people,” said Rep. Jason Smith of Missouri, the top Republican on the House Budget Committee.
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