US President Joe Biden’s upcoming federal budget plan is laden with spending proposals and higher taxes on the wealthy that forms a blueprint for his expected 2024 re-election bid.
Biden’s proposal, which he will lay out in the swing state of Pennsylvania on Thursday afternoon, will face stiff opposition in Congress this year after Republicans won control of the House of Representatives in November’s midterm elections and large parts of it are unlikely ever to be enacted.
The plan, however, was a political statement that directly defied Republican House Speaker Kevin McCarthy’s threat to block an increase in the $31.4 trillion limit on federal borrowing unless Biden agreed to rein in federal spending.
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