President Joe Biden unveiled a $7.3 trillion budget blueprint Monday that amounts to an election-year pledge to lower costs for struggling families while reining in federal deficits and protecting cherished entitlement programs.
As he fights for a second term with underwater job approval ratings, Biden offered up a slew of spending proposals and tax credits in his fiscal 2025 budget request, including a number of familiar faces from past budgets. Among many other provisions, his budget is designed to lower health care costs, make housing more affordable, boost child care funding, expand college aid and provide up to 12 weeks of paid leave to workers.
The president claimed credit for substantial deficit reduction already in the pipeline, including through the debt limit and spending caps law he brokered with former Speaker Kevin McCarthy, R-Calif., last year. Biden is now promising to slash deficits by another $3.2 trillion over the coming decade from previously projected levels.
