![]() ![]() It proposes $9.1 billion in investments next year through the Pentagon’s “Pacific Deterrence Initiative” which includes expenditures on new weapons systems that can be used to protect allies and defend U.S. The budget says explicitly that the Biden administration wants to invest in new says to “out-compete” China. Biden also takes a hard line when it comes to China, which is one of the few subjects that tends to garner bipartisan agreement in Washington. ![]() They would also allocate $753 million to counter “Russian malign influence” and related needs like cybersecurity. The funds would be used to modernize America’s nuclear deterrent capabilities and would allocate more than $6 billion to support Ukraine. The budget goes big on military spending, requesting $842 billion for the Defense Department, a 3.2 percent increase from 2023. Biden’s budget does include some spending plans that they might find palatable. The White House’s plans for reducing the deficit have drawn scoffs from Republicans, but Mr. The plan would reduce federal budget deficits by nearly $3 trillion over the next 10 years, according to White House estimates.īiden leans into military spending, with a focus on countering Russia and China. The White House estimates that those changes and other tweaks to the drug negotiation provision would save the government an additional $200 billion over 10 years, which it seeks to direct to the Medicare trust fund. Biden is also proposing new savings for the government stemming from more aggressive negotiation over prescription drug prices. Biden’s plan makes clear that he and the Democrats want to use tax increases, enforcement of the tax code and the closing of tax loopholes to reduce America’s reliance on borrowed money.īeyond tax increases, Mr. ![]() Their proposals tend to hinge on deep spending cuts, but Mr. Democrats want to reduce the deficit too.Īs lawmakers fight over raising the debt limit, Republicans have insisted they will allow the government to borrow more money to pay its bills only if there is an accompanying plan to reduce the federal deficit. In all, the budget would usher in around $5 trillion of tax increases over the next decade, with most of those increases aimed at the wealthiest Americans and large corporations. Transit Projects: President Biden’s budget plan routes about $1.2 billion to two of the biggest transit projects in New York City: the Second Avenue Subway extension and new train tunnels under the Hudson River.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |