President Joe Biden on Monday released a budget proposal aimed at getting voters' attention: It would offer tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations. Unlikely to pass the House and Senate to become law, the proposal for fiscal 2025 is an election year blueprint about what the future could hold if Biden and enough of his fellow Democrats win in November.
Biden's plan would permanently keep Medicare solvent, according to aides, but as noted by Maya MacGuineas, president of the fiscal group Committee for a Responsible Federal Budget, it does not appear to fix Social Security, which projections say will be unable to pay full benefits starting in 2033. The proposal would provide about $900 billion for defense in fiscal 2025, about $16 billion more than the baseline.