WASHINGTON — President Joe Biden’s delayed budget for the upcoming fiscal year due Thursday will kick off what’s expected to be a lengthy battle over spending levels and priorities, with the debt ceiling deadline looming this summer casting a pall over the entire process.
Biden is expected to call for healthy increases on both the defense and nondefense side of the ledger, drawing a sharp contrast with House Republicans who are pushing for significant cuts.
At the same time, Biden’s budget would also reduce deficits by nearly $3 trillion over a decade, more than what the president initially previewed in his State of the Union address last month. That’s expected to include hefty tax increases on wealthier households and corporations that Republicans are almost certain to reject. But it’s intended to draw a sharp contrast with potential GOP cuts that could fall on lower-income households.
