On Thursday, President Biden will announce his election-year budget plan. Unlike previous years, the budget showcase will not take place in the White House but rather in Philadelphia, Pennsylvania.
Biden’s 2024 reelection campaign has already started, and his budget plan speech is expected to indicate some of the president’s future campaign strategies concerning the economy.
Based on today’s press briefing led by press secretary Karine Jean-Pierre, it can be expected that the president’s speech will mainly focus on the administration’s achievements in relation to deficit reduction and low unemployment rates, building an economy from the bottom-up and middle-out, and the implementation of tax reforms to ensure that the wealthy are not given tax breaks.
Jean-Pierre noted that the 2024 budget plan aims to cut the economic deficit by nearly $3 trillion over the next 10 years. During the first two years of Biden’s government, the administration was able to reduce the deficit by $1.7 trillion. The White House maintains that it was able to achieve such numbers by lowering costs for American families and investing in economic growth and social programs.
“We see this [budget plan] as a statement of the president’s values,” added Jean-Pierre.
Although the current administration has prioritized deficit reduction, the American economy will still be suffering from a “huge deficit.” Jean-Pierre stated that Biden’s predecessor had signed a “reckless” and “fiscally irresponsible” piece of legislation that added $2 trillion to the economic deficit by handing out tax breaks to wealthy Americans and large corporations.
Jean-Pierre repeatedly reassured that taxes will not be raised for Americans who make less than $400,000 a year, but that the wealthy are expected to “pay their fair share.” Moreover, the budget will also “end wasteful subsidies for special interest groups like Big Pharma,” she added.
Biden claims to believe in bipartisanship when dealing with the American economy. However, the president is unwilling to discuss with members of the GOP party who aim to cut programs like Social Security, Medicare, and Medicaid. The White House believes that such an approach would only add to the economic deficit.
“Some GOP members want to cut Social Security and Medicare. The president is not going to allow that on his watch,” said Jean-Pierre.
According to previews of the budget plan, Biden will propose a 5.2% federal pay hike, the largest since Jimmy Carter’s administration. When questioned about this, Jean-Pierre argued that the administration greatly values its federal workforce and “what they do for our nation.” Ultimately, this proposal aims to improve labor market competition while attracting and retaining a qualified federal workforce.