President Biden to unveil budget proposal in Philadelphia on Thursday
PHILADELPHIA (KDKA) - In just hours, President Joe Biden will arrive in Philadelphia to deliver his new budget proposal to the country.
We know that President Biden's proposal includes lowering costs for families, bolstering social security and medicare, as well as reducing the deficit.
Meanwhile, the National Debt Clock shows the country's debt is $31.6 trillion.
The Biden Administration said its budget for the upcoming fiscal year will cut the federal deficit by $3 trillion over the next decade.
According to The White House, the deficit reductions will be covered by tax reforms toward the wealthy and large corporations as well as less spending on special interests like oil and pharmaceuticals.
"We see this as a value statement on what the president sees in the future of this country," said White House Press Secretary Karine Jean-Pierre. "He wanted to make sure it was fiscally responsible."
As expected, House Speaker Kevin McCarthy and the GOP see it differently.
"Raising taxes in a low-growth economy like this will only hurt us more and put us in a recession," he said.
They are also proposing an increase in the Medicare tax for those earning more than $400,000/year to shore up the program.
The White House has also added that the president's budget proposal aims to undermine GOP arguments trying to tie deficit reduction to raising the U.S. debt ceiling, which they said should be done separately.
The budget proposal isn't expected to go far since Republicans control the U.S. House of Representatives.
President Biden will give remarks at 2:30 this afternoon in Philadelphia.