President Biden proposed a budget of $ 5.8 trillion on Monday. This is a demand that reflects growing security and financial concerns at home and abroad, with billions of dollars reserved for police and military investment, along with new taxes on the wealthiest Americans.
In the president’s second budget request, Mr Biden proposed spending about $ 1.6 trillion on domestic investment in fiscal year 2023. This includes affordable housing, anti-gun violence initiatives, and additional funding for manufacturing investments to address them. Supply chain issues that are driving rapid inflation.
The White House budget is just a request to Congress to manage the government’s purse string, but it’s a snapshot of the president’s priorities, and the administration wants to direct that energy in the future.
Mr. Biden’s latest proposal reflects the gist he made during his State of the Union address, not focusing on the drastic aspirations of his first year in office and plagued voters prior to the midterm elections. Restructured the domestic agenda to prioritize. — Includes rising consumer prices, crime and healthcare. The shift is in favor of Democrats who have called on the White House to prioritize immediate issues as the party heads for what is expected to be a tough battle to maintain control of the House and Senate.
“We will make a cautious investment in economic growth or a fair economy, while ensuring that businesses and very wealthy people pay a fair share,” Biden said in a statement at the White House on Monday. rice field.
The president added that his budget focuses on domestic and foreign security. “The answer is not to refund our police station, it’s to fund our police and give them all the tools they need,” Biden said.
Staying away from progressive calls to sell to police and thwart Republican attacks over increased crime, while the Justice Department secures $ 376 million to assist police, while being close to police Proposed $ 30 billion for a type of anti-violence program. Reform, prosecute hate crimes, and protect your voting rights.
The budget includes more than $ 17 billion to crack down on gun trafficking and nearly $ 70 billion to help the FBI eradicate violent crimes.
The president said he wanted to balance crime reduction with criminal justice reform, even if funding for law enforcement outweighed more alternative community-based security programs.
“They need psychologists in the department as much as they need additional rifles,” Biden said. “They need people in the department who can handle the crisis the police are experiencing.”
However, the budget also reflected the uncertainty of Mr. Biden’s national agenda, with a majority in parliament. The government has avoided offering price tags or revenue valuations to some of its domestic proposals, such as expanding medical insurance, dealing with the high costs of prescription drugs, and directing climate change and childcare spending. Shalanda D. Young, director of the Office of Management and Budget, said the abbreviation “leaves space for revenue, especially to allow parliamentary negotiators to do what President Biden requested. It was intended.
The budget also seeks additional funding to help fight the international crisis caused by Russia’s invasion of Ukraine, which could slow the world economy.
Biden said $ 737 billion in defense spending, including funding to detect and intercept missile attacks from hostile territories such as North Korea and Iran, and NATO’s war from Russia and elsewhere. Demands $ 6.9 billion to help counter the resulting threats. President Vladimir V. Putin. Byden also $ 4.1 billion in defense capability research and development, about $ 5 billion in space-based missile warning systems to detect global threats, and missile defense to protect the United States from ballistic missile threats. Demanded about $ 2 billion from interceptors. States like North Korea and Iran.
Biden also demanded new taxes on the rich, including a minimum tax on millionaires. This proposal, which requires Congressional approval, requires American households worth more than $ 100 million to pay a tax rate of at least 20% of their income and unrealized gains on the value of liquid assets such as stocks and bonds. .. It accumulates value over the years, but is only taxed if it is sold. The $ 360 billion in tax revenues expected to be raised by the White House could also be directed to the president’s broader agenda.
The White House budget also demands other tax increases for the rich. It will raise the highest personal income tax rate from 37 percent to 39.6 percent. Biden also wants to raise the corporate tax rate from 21% to 28%.
