Pres. Biden Proposes Budget For 2025

March 12, 2024

While my Administration has seen great progress since day one, there is still work to do. My Budget will help make that promise real.

United States President Joe Biden in his budget proposal sent to Congress. On Monday, the President released a $7.3 trillion budget for the 2025 fiscal year.

Why It Matters: The President’s proposed budget serves primarily as a wish listrather than a solidified plan for the government to follow. This year, the plan reflects his policy priorities as he seeks a second term in office. The proposal includes increased taxes on high-earners, as well as funding for Social Security, affordable child care, Medicare and universal pre-K. The White House says increased taxes on corporations and the wealthy would contribute to a plan intended to cut the national debt by $3 trillion during the next decade.

The proposed budget is not expected to become law, rather Congress will debate and edit the plan before approving it and sending it to the President for signature. Important To Note: Congress has still not completed negotiations on the 2024 budget.

Read More: Biden’s Budget Underscores Divide With Republicans and Trump (The New York Times)

Biden’s $7.3 trillion budget for 2025 calls for taxing the rich and corporations to pay for Social Security, Medicare (CNBC)

by Emily Hooker, based in Texas