The President of the United States, Joe Biden, presented this Thursday (9) a budget project in which he asks Congress to approve US$ 6.8 trillion, US$ 600 billion more than the US$ 6.2 trillion that the US Legislature passed last year.
The amount is included in the proposed budget for the 2024 fiscal year (from October 1, 2023 to September 30, 2024) that the White House made public this Thursday and which is usually seen as the beginning of the president’s negotiations with the Congress, the body with the authority to approve the budget.
Biden asked the Legislature last year for $5.8 trillion, but the total budget turned out to be larger than expected ($6.2 trillion) due primarily to additional spending that was approved to provide military assistance to Ukraine.
The democratic president claimed that one of the objectives of the budget is to reduce the public deficit by US$ 3 trillion in the next decade, with an increase in taxes for those who earn more than US$ 400,000 a year and the end of some subsidies, such as those received by energy companies.
The US Congressional Budget Office predicted in February that the country’s public debt will rise to 118% of Gross Domestic Product (GDP) over the next ten years and that the deficit will increase by US$18.8 trillion.
Republicans control the House of Representatives and have already expressed their rejection of Biden’s proposals.
“President Joe Biden’s budget is a reckless proposal that reinforces the same far-left spending policies that led to record inflation and our current debt crisis,” House Speaker Kevin McCarthy said in a signed statement. with other Republican congressmen.
In the document, the opposition pointed out that the budget proposal foresees “trillions in new taxes that families will pay directly or through higher costs”.
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