President Joe Biden's 2024 US government budget serves dual purposes, presenting his fiscal vision while also serving as a strategic component of his reelection campaign. Following his recent State of the Union address, where he criticized his likely opponent, Donald Trump, Biden is poised to unveil his spending plans for the upcoming fiscal year.
A key focus of Biden's budget is addressing the country's deficit, with a commitment to reducing annual deficit spending by $3 trillion over the next decade. This initiative is aimed at slowing the growth of the national debt, which currently exceeds $34.5 trillion.
To fund his proposals, Biden is considering changes to corporate taxes, including raising minimum taxes and limiting deductions for items such as corporate jets. He also seeks to lower drug prices by enabling the government to negotiate better deals, potentially freeing up resources for new tax credits and healthcare subsidies.
In a move to bolster national security, Biden's 2025 defense budget request includes reductions in stealthy F-35 fighter jets and Virginia class submarines. This strategic shift follows modest budget increases in previous years that left the military with less funding than anticipated for critical projects.
Despite these plans, the budget process remains contentious, with U.S. agencies operating without a full-year budget for 2024. This reflects broader political divides over spending priorities, including how to allocate the roughly $6 trillion in annual funding.
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