Biden’s Budget Blueprint to Spark Confrontation with Republicans
On March 9, President Joe Biden will present his budget blueprint for Fiscal Year 2024 to Congress, setting the stage for a confrontation with Republicans over the government's priorities and how they should be funded. The White House has indicated that Biden's budget will invest in America, lower costs for families, protect and strengthen Social Security and Medicare, reduce the deficit, and more. House Speaker Kevin McCarthy (R-CA) has said that Congressional Budget Office Director Phillip Swagel will brief members of the lower chamber on its budget outlook next Wednesday ahead of President Joe Biden unveiling his proposed budget.
Projections suggest that Congress must take action to raise the debt limit before the summer is over in order to avoid default and its dire economic effects. Biden and McCarthy have so far only had one face-to-face meeting regarding this issue. The prepared presentation by CBO Director Phillip Swagel warned that revenues under current law will not keep pace with spending, and that major trust funds, including Social Security and Medicare, will be exhausted within 10 years. McCarthy has been pushing for another meeting with Biden in order to negotiate on raising the debt limit. Republicans leaving the presentation sought to pin blame on spending greenlit under the Biden administration, and put pressure on the White House to come to the table in spending talks. Jodey Arrington, the House Budget Committee Chairman (R-Texas), expressed his wish that House Republicans will be able to publish their budget in the upcoming 30 days and aims to fulfill the mid-April deadline for it.
The White House said Biden's budget will cut deficits by nearly $3 trillion over the next decade, significantly higher than the $2 trillion that Biden had promised in his State of the Union address last month. To ensure the long-term financial viability of Social Security and Medicare, the budget should include reforms to ensure the long-term financial viability of these programs. McCarthy has said that the CBO will give all of Congress the same numbers when they meet next week, and that any member can bring up different ideas. It is clear that Biden's budget will be the starting point for negotiations, and a national dialogue on our policy priorities.
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