President Joe Biden’s budget proposal is an opening salvo in the looming impasse with Republicans over raising the debt ceiling and funding the U.S. government.
Biden is expected to defy GOP calls for deep spending cuts, instead proposing new taxes on corporations and Americans making more than $400,000 a year as he seeks to shore up entitlement programs and address budget deficits.
The White House wants the plan, to be released in full on Thursday, to provide political leverage in the approaching standoff with House Republicans, when the $31.4 trillion debt limit must be raised to avoid a US default.
