One of the first things you are likely to hear about President Joe Biden’s proposed 2024 budget is how it doesn’t have a snowball’s chance in the Sahara of being approved by the Republican-controlled House. That’s undoubtedly true, if you’re talking about Biden’s proposal in its current form.
But, as political gridlock and fractious politics puts the government at risk of defaulting on its debts and possibly unleashing an economic catastrophe, lawmakers in both parties need to come to an agreement as they somehow have managed to do in settling 10 other debt-limit standoffs in the past 13 years.
Biden on Thursday made what amounts to an opening bid with a budget plan that would cut deficits by $2.9 trillion over the next decade — a proposal that Republicans already have declared dead on arrival.
