Economic news

Biden to release proposed U.S. budget plan on March 11

2024.02.02 19:58


(*11*)© Reuters. U.S. President Joe Biden speaks through the annual National Prayer Breakfast on the U.S. Capitol in Washington, D.C., U.S., February 1, 2024. REUTERS/Evelyn Hockstein/File Photo

By Trevor Hunnicutt

WASHINGTON (Reuters) – U.S. President Joe Biden will put forth his proposed U.S. spending plan on March 11, in accordance to the White House Office of Management and Budget.

The doc is a wish-list for the way the federal government ought to spend its cash within the fiscal yr beginning in October. It takes on particular symbolic significance in a yr when the Democratic president is in search of re-election.

Congress would wish to move Biden’s proposals for them to take impact. Republican management of the House of Representatives, and significantly the affect of a hard-line group of Republicans loyal to seemingly Biden 2024 opponent Donald Trump, make settlement laborious to come by.

The two sides are presently in a standoff over immigration coverage, with Republicans holding up an October request by Biden for $61 billion for Ukraine because it battles Russian invaders and $14 billion for Israel within the aftermath of the Oct. 7 raids by Hamas.

Last March, Biden traveled to a union corridor within the aggressive election state of Pennsylvania to current a $6.8 trillion budget plan that included larger taxes on the rich and extra spending from the navy to healthcare subsidies.

That plan was by no means enacted in any manner shut to the best way the president proposed, with Biden and congressional lawmakers engaged in tense negotiations over short-term spending offers to forestall the federal government from having to shut down.

Congress nonetheless has not totally funded the federal government for the present fiscal yr, which ends in September.

Last month, they signed their third stopgap funding invoice, often known as a “continuing resolution” or “CR,” which extends final fiscal yr’s spending ranges till two deadlines of March 1 and March 8 for numerous authorities businesses. Lawmakers will want to move further payments offering for the full-year budget.

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