Debt Ceiling Fight Creeps Closer with Today's Budget Proposal
President Biden travels to Philadelphia today to release his FY ’24 budget proposal. For budget nerds, it is one of the biggest days of the year. Thousands of pages of tables, charts, and numbers. They can talk about “baselines” and “budget windows” and discover spending nuggets hidden deep inside the supporting documents. For the rest of us, the President’s budget is DOA on Capitol Hill – as it is every year. That doesn’t mean the Administration’s budget proposal is not significant – it is especially important this year.
With the debt ceiling fight looming later this year, the release of the President’s budget is an important and much-anticipated step in the process of getting to a negotiation over the debt ceiling. Both sides hope to gain political leverage from the document. And the debate is becoming clearer. To address the deficit and debt:
- President Biden wants to raise taxes
- Congressional Republicans want to cut spending
President Biden and congressional Democrats believe the American people will reject spending cuts to popular programs. Congressional Republicans believe the American people will reject big government spending and the tax increases needed to pay for it. The next step will be for House Republicans to produce their budget proposal, which will further clarify the competing approaches. There’s a long way to go, but not much time to get there before serious and specific negotiations need to begin to avoid a default.
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