Joe Biden Proposes Record Budget for United States with Focus on Social Programs and Defense
President Joe Biden has unveiled his new budget proposals for the United States, focusing on social programs and defense. The proposed budget for 2024 is set to be at a record high of $6.9 trillion, which will result in a deficit of $1.9 trillion in public accounts.
Biden’s budget proposal is a part of his re-election campaign and includes tax increases for corporations and billionaires. The tax rate for corporations will be raised to 28%, while billionaires will be required to pay a minimum tax of 25%. The additional revenue generated from these taxes will be used to fund social programs such as healthcare, education, and infrastructure.
However, most of these proposals are expected to face opposition from Republicans in Congress, who prefer spending cuts over tax increases. They argue that such an ambitious budget could lead to a significant increase in public debt, which could harm the country’s long-term financial stability.
Despite the potential opposition, Biden remains committed to his budget proposal and sees it as a necessary step to address the widening economic inequality in the United States. His proposed social programs aim to provide a safety net for those who have been most affected by the COVID-19 pandemic, and to help bridge the gap between the rich and poor.
Defense spending is another key component of Biden’s budget proposal, with an increase in funding planned for 2024. This increase is seen as necessary to address growing global threats, particularly from China and Russia.
In conclusion, Joe Biden’s budget proposal represents a significant shift towards social programs and increased defense spending. While it faces political opposition, it is an important step towards addressing economic inequality and securing the country’s safety in the face of global challenges.