Biden’s FY2024 Budget Proposes Tax Hikes to Fund Social Programs and Record Military Spending

President Biden has unveiled his $6.8 trillion budget proposal for the 2024 fiscal year. The plan would begin the process of trimming $3 trillion from the federal deficit over the next decade by raising taxes on wealthy individuals and corporations, and allowing Medicare to negotiate drug prices. Progressive groups praised the White House plan for investing in healthcare, housing and the environment, while expanding free community college, early childhood education and child care. But Biden’s budget also includes a request for a record-shattering $886 billion in military spending. Republican House Speaker Kevin McCarthy has signaled Biden’s budget will be dead on arrival on Capitol Hill. House Republicans have yet to unveil their own budget; Biden said Thursday he’s prepared to negotiate with Speaker McCarthy at any time.