President Joe Biden has put forth a budget proposal for fiscal 2025 that aims to capture voters' attention with promises of tax breaks for families, reduced health care costs, smaller deficits, and increased taxes on the wealthy and corporations. While unlikely to pass through Congress, the proposal serves as a blueprint for what could be if Democrats secure victories in the upcoming elections.
If implemented, the Biden budget could trim deficits by $3 trillion over a decade, raising tax revenues by $4.9 trillion and allocating $1.9 trillion to fund various programs while the remainder would go towards deficit reduction.
