At a time when political gridlock is putting the government at risk of defaulting, President Joe Biden is set to make an opening offer with his new budget plan being released in Pennsylvania Thursday.
so far, other than a flat "no" to a Biden blueprint with tax increases on the wealthy that could form the policy backbone of Biden's yet-to-be-declared campaign for reelection in 2024.
The president picked the battleground state of Pennsylvania for the plan's release, staking out what he believes is popular terrain that will make it hard for Republicans to criticize without risking blowback. The budget would seek to close the "carried interest" loophole that allows wealthy hedge fund managers and others to pay their taxes at a lower rate, and prevent billionaires from being able to set aside large amounts of their holdings in tax-favored retirement accounts, according to an administration official. The plan also projects saving $24 billion over 10 years by removing a tax subsidy for cryptocurrency transactions.
House Speaker Kevin McCarthy, R-Calif., has called for putting the U.S. government on a path toward a balanced budget. But by refusing to raise taxes or cut Social Security and Medicare spending, GOP lawmakers face some harsh math that makes it hard to reduce deficits without risking a voter backlash before a presidential election.
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