Sunday, May 22, 2022

What Biden Really Says in His New Budget

Must read

Shreya Christinahttps://cafe-madrid.com
Shreya has been with cafe-madrid.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider cafe-madrid.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

President Joe Biden has his… annual budget on Monday, and it focuses on two topics that voters are particularly concerned about: crime and inflation

The budget, which shows how much Biden is demanding for various federal agencies, is basically a messaging tool for Democrats to show where they stand on key issues ahead of what is expected to be a challenging midterm election cycle. Large parts of the $5.8 trillion plan are aimed at countering attacks that Republicans have levied that Democrats frame as “soft on crime” and responsible for rising household costs.

The budget is an opportunity for Democrats to “vaccinate against some of these stories,” said Celinda Lake, a pollster for the DNC and former pollster for Biden’s campaign. In it, Biden calls for major defense and law enforcement spending, including about $32 billion in… new editions for police† In addition, he supports a new tax minimum for billionaires and emphasizes that investing in programs such as childcare will help reduce costs Americans face, hinting at hopes Democrats can reinvigorate parts of the Build Back Better Act.

Republicans have already started criticizing the budget, which they say isn’t doing enough to boost national security spending — a sign that final spending bills are likely to be very different. “President Biden’s FY23 budget has once again proved totally inadequate,” Representative Mike Rogers (R-AL), the top Republican on the House Armed Services Committee, said in a statement Monday.

It’s worth noting that this budget is just an opening bid. Congress will take these recommendations to heart and draft its own legislation, which it must pass by the end of September. Biden’s proposal therefore serves as both a roadmap for lawmakers and a way for Democrats to broadcast their views on topics such as policing and economics.

What’s in the budget?

The $5.8 trillion plan, which includes $1.6 trillion in discretionary spending, includes major new tax proposals and increases in military funding as Russia’s invasion of Ukraine continues.

The requests are ultimately an increase over discretionary spending approved by Congress for 2022, and include about $813 billion for defense-related programs and $769 billion for domestic social programs.

Here are some of the key provisions:

  • New Minimum Income Tax for Billionaires: The budget sets a notable new 20 percent minimum income tax for households worth more than $100 million. This new proposal could help raise as much as $360 billion in 10 years, half of which would come from billionaires. However, this provision is likely to be pushed back by Republicans who were reluctant to raise taxes on wealthy individuals.
  • New corporate tax rate: The corporate tax rate would be increased to 28 percent, from the current 21 percent level set in 2017 by Republican tax cuts. Likewise, this proposal has met with Republican opposition in the past.
  • Huge increase in defense spendingBiden is asking $813 billion for defense, $31 billion more than what Congress has approved for 2022, and a 4 percent increase overall. It is intended to cover the costs of additional aid to Ukraine, investment in US military technology and efforts to address threats from North Korea and Iran.
  • A boost to law enforcement spending: There is $32 billion in the budget to increase state and local police personnel for programs such as community policing, violent interventions and arms trafficking.
  • A fund for Build Back Better components: There are no specific entries for Build Back Better programs, but the budget does include a “deficit neutral fund” as a substitute for these proposals.

The budget also references Biden’s support for legislation to lower the cost of prescription drugs, childcare and health care premiums, but notes that discussions on the details are still ongoing.

“As talks with Congress continue, the president’s budget includes a deficit-neutral reserve fund to account for future legislation,” it said. Much of the budget’s focus on deficit reduction appears to have been centered on Senator Joe Manchin (D-WV), a longtime BBB supporter, who previously cited debt concerns as a major reason for opposing the legislation. to postpone.

The new tax on billionaires and the tax hike on corporations are among the policies seen as helping to pay back the deficit over the next decade and cover the costs of any BBB programs. All told, the White House estimates that the proposed changes to tax law could reduce the deficit by $1 trillion over a 10-year period.

The Budget Shows How Democrats Want to Address Key Issues

Biden’s budget is a preview of how Democrats will try to fight some of the Republicans’ most common attack lines this fall.

In the past year, Republicans have sought to portray Democrats as responsible for an increase in violent crime in certain cities and for a rise in inflation, exacerbated by Russia’s war in Ukraine. (Biden said Monday the proposals in the budget were not the result of political pressure.)

Joe Biden and the Democrats’ soft-on-crime policies have encouraged criminals in Democrat-run cities across the country. RNC Chair Ronna Romney McDaniel said in a February statement. Biden’s budget is intended to emphasize that Democrats still support police funding and view law enforcement spending as part of the solution to tackle crime.

It mirrors comments he made during the State of the Union address in early March, when Biden said he was focusing on adding — not taking away — funding for the police. In the past, lawmakers in swing states have argued that voters’ affiliation with Democrats with the “defund the police” statement hurt them among moderate voters — though research on this is inconclusive

“We should all agree: the answer is not to downgrade the police. It is to fund the police. Fund them. Fund them. Fund them with resources and training,” Biden said in his March address.

The budget also notes that Democrats are focused on curbing inflation, which is a central issue for voters that is also affected by Republicans. Biden’s reckless spending caused inflation, Pennsylvania Republican Senate candidate said Mehmet Oz said in a recent campaign ad:

The proposal specifically points to supply chain investments as efforts to reduce the cost of products. It also reiterates its support for programs that would curb the amount families would pay for services such as childcare and energy.

As cafemadrid’s Andrew Prokop pointed out, it’s unclear how much these proposals will help in the short term, as it will take time for them to be implemented and for their effects to be felt.

However, the White House’s efforts to emphasize how it tries to tackle crime and inflation speaks to Democrats’ recognition that both issues can be weaknesses for them.

“The way the budget is presented to the public… is confirmation that the White House agrees that both inflation and crime are issues where they are vulnerable, and they want to be able to state what they are trying to do about those issues,” , says Kyle Kondik, editor-in-chief of Sabato’s Crystal Ball.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article