OAN Deven Berryhill
UPDATED 5:35 PM PT – Friday, March 10, 2023
With Republicans now dominating the U.S. House of Representatives, critics have claimed that there’s little-to-no chance for Joe Biden’s new budget to become law.
On Friday, president Joe Biden spoke before the Democratic National Committee in what some have called a campaign speech wrapped in a budget roll-out. Many committee members expected the president to make a speech laying out his financial budget.
“Let me ask you a simple question. Are you with me?” said Biden onstage in Philadelphia as hundreds of party leaders responded saying “Four more years… four more years.”
The president’s new budget plan included requests for raising the budget for the Department of Defense to $842 billion for 2024 and $688 billion in funding for nondefense programs.
The director of the Office of Management and Budget also came out on Friday defending Biden’s defense vs. non-defense budget proposal spending percentage.
“We’re talking about two different bases we can absolutely talk about … whether there should be parity with defense is $886 billion,” said Shalanda Young, Office of Management and Budget Director. “We think that’s the right level to be at for defense programs because we are basing and building that program from requirements. What is our national defense strategy? And we’re investing responsibly while reducing the deficit.”
President Biden proposed raising the corporate tax rate from 21% to 28%. He also proposed a “billionaire” minimum tax of at least 25% on Americans whose wealth exceeds $100 million. Some Democrat’s have applauded the president for staying consistent to his 2020 campaign promise by not proposing any tax increases on households making less than $400,0000.
Most of the president’s budget points are considered by most to be shot down in the Republican led House. Many lawmakers in Washington have said they are gearing up for another partisan battle over taxes on Capitol Hill.
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