WASHINGTON, March 28 – U.S. President Joe Biden is expected to on Monday urge Congress to spend more time in peace while raising billions in taxes and highlighting lower government shortages.
Biden’s budget proposal for the financial year beginning October 1 sets priorities for his management but it is just a wish list as lawmakers at Capitol Hill make final decisions on budget matters.
The document provides new insights into Biden’s thinking as he seeks to halt the Russian invasion of Ukraine and prepare for the mid-November 8 election that could cost his Democratic Party control of Congress.
“The president’s budget will reflect three key elements: financial responsibility, security and safety at home and abroad, and a commitment to building a better America,” a White House official said.
“The budget will help keep our communities safe by deploying more police officers to become community police, to fight gun crime, and to invest in crime prevention and community violence,” the official said.
Forced by disagreements within his team to pump the brakes and instead continue to discuss many issues of his home agenda “Build Back Better”, Biden is unlikely to include a line-up in all his ideas on how to improve the country’s environment, health care, education, housing infrastructure and manufacturing competition.
But he will use the opportunity to cast his public support for the first time after a new tax that requires billionaires to pay at least 20% of their tax revenue, including unprofitable investment profits.
The White House says the tax will apply to 0.01% of U.S. homes, which cost more than $ 100 million, and that more than half of its revenue will come from homes worth more than $ 1 billion.
The move will reduce government shortages by $ 360 billion over the next ten years, they said.
Biden has long echoed the message that the US tax system rewards the very rich and that the rich should seek additional social assistance.
Two sources told in February that approximately $ 773 billion would be made available to the Department of Defense, which together with other spending would result in a national budget deficit of more than $ 800 billion.
Russia’s invasion of February 24 in Ukraine has raised concerns about European security, while Biden officials continue to invest in research and development of hypersonic arrows and other modern skills.
The United States is not directly involved with Russia in the Ukrainian war but provides Kyiv with weapons and much assistance. Working with the European Union, it also imposed severe economic sanctions against Russia.
The Axios newspaper on Monday reported that the program involves more than $ 32 billion to fight crime.
Biden also plans to impose new restrictions on stock sales, the New York Times reported separately.
The budget will also reflect a 2022 deficit of more than $ 1.3 trillion lower than last year, as the US economy recovers from the collapse of the COVID-19 economy and Biden’s administration is heavily focused on financial stability.
The U.S. unity government, which is on the cusp of increasing health care and welfare costs, especially for the elderly, has spent more money than it has taken in the last 20 years.