Biden Budget to Draw Battle Lines With GOP on Taxes, Spending Ahead of 2024 Campaign
Although the President's spending plan is expected to be published soon, the parties are still at a deadlock over the debt ceiling. If the debt ceiling is not increased and the government defaults on its debt, this could have serious implications for the economy.
WASHINGTON—President Biden this week will release his annual budget blueprint, a document that is unlikely to gain momentum in Congress but will shed light on his priorities ahead of an
expected re-election campaign
This set the stage for a dispute with Republicans about government spending.
Mr. Biden, in his February
State of the Union address
According to, his fiscal year 2024 budget will outline a plan that would reduce the deficit by $2 trillion over 10 decades and increase the solvency of Medicare Trust Fund by at most two decades. He promised to reach those goals without cutting Social Security and Medicare benefits, or increasing taxes for Americans earning less than $400,000 per year.