Biden to unveil budget proposal Thursday

President Biden plans to unveil his upcoming budget proposal to Congress with unusual fanfare on Thursday, holding a campaign-style event intended to trumpet an economic agenda imperiled by high inflation and Republican debt limit threats. Biden plans to roll out the tax-and-spending plans at a Philadelphia union hall, a venue in a competitive battleground state that will highlight the president’s worker-centric political pitch in the weeks running up to his expected announcement of a 2024 reelection bid.

The main highlight of the proposal for the 2024 fiscal year is a pledge to cut $2 trillion from the government’s deficit over 10 years, and to extend the life of the Medicare health benefit program by at least two decades.