By Josh Boak and Colleen Long | Associated Press
WASHINGTON — President Joe Biden on Monday released a budget proposal aimed at getting voters’ attention: It would offer tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations.
Unlikely to pass the House and the Senate to become law, the proposal for fiscal 2025 is an election year blueprint about what the future could hold if Biden and enough of his fellow Democrats win in November. The president and his aides previewed parts of his budget going into last week’s State of the Union address, and they provided the fine print on Monday.
If the Biden budget became law, deficits could be pruned $3 trillion over a decade. It would raise tax revenues by a total of $4.9 trillion over that period and use roughly $1.9 trillion to fund various programs, with the rest going to deficit reduction.
Biden aides said their budget was realistic and detailed while rival measures from Republicans were not financially viable.
“Congressional Republicans don’t tell you what they cut, who they harm,” White House budget director Shalanda Young said. “The president is transparent, details every way he shows he values the America people.”
House Speaker Mike Johnson, R-Louisiana, issued a joint statement with other GOP leaders calling the Biden proposal a “glaring reminder of this Administration’s insatiable appetite for reckless spending.”
“Biden’s budget doesn’t just miss the mark — it is a roadmap to accelerate America’s decline,” the House Republican leaders said.
Under the proposal, the government would spend $7.3 trillion next fiscal year and borrow $1.8 trillion to cover the shortfall from tax receipts. Biden’s 188-page plan covers a decade’s worth of spending, taxes and debt.
Parents could get an increased child tax credit in 2025, as payments would return briefly to the 2021 level funded by Biden’s coronavirus pandemic relief…
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