President Joe Biden unveiled record spending and several new tax increases on Thursday in his budget proposal for fiscal year 2024.
The suggested $6.9 trillion for the federal government’s operations between October 1, 2023, and September 30, 2024, would mark a $1.0 trillion increase from the $5.8 trillion proposed by the commander-in-chief for the previous fiscal year. House Republicans are expected to reject the proposal and counter with a budget of their own.
“This year’s budget cuts the deficit by nearly $3 trillion over the next decade by asking the wealthy and big corporations to begin to pay their fair share,” Office of Management and Budget Director Shalanda Young said in a statement. “It does this in part by reforming our tax code to reward work, not
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!