- President Biden presented his third budget of his presidency and the first one to a divided Congress. This $6.8 trillion 2024 budget plan seeks to boost expenditure on the military, a number of new social programs, and lower future budget deficits.
- This spending plan, allocates $885 billion towards defense and $1 trillion towards non-defense initiatives. Excluding mandatory programs such as Medicare and Social Security, it seeks to reduce the federal deficit by $3 trillion over the next decade.
- The plan also includes Biden's promised "billionaires tax," which would impose a minimum 25% taxation rate on households earning more than $100 million and tax unrealized capital gains (according to the White House, these earners are currently paying around 8% without this taxation).
Why it matters
The presentation of the President's full proposal is the starting point of a complex and drawn-out process in Congress to put together a budget for the federal government and then secure funding for it, even though it is unlikely to be fully implemented.
