• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. US & Canada
  4. Biden's ambitious 2024 Budget: $1.84 trillion budget deficit
US & Canada

Biden's ambitious 2024 Budget: $1.84 trillion budget deficit

  • By Al Mayadeen English
  • Source: Agencies
  • 9 Mar 22:53

President Joe Biden's proposed budget estimates around $6.888 trillion in expenditure and $5.036 trillion in revenue for 2024.

  • President Joe Biden speaks about his 2024 budget proposal at the Finishing Trades Institute, Thursday, March 9, 2023, in Philadelphia (AP Photo/Evan Vucci)
    President Joe Biden speaks about his 2024 budget proposal at the Finishing Trades Institute, Thursday, March 9, 2023, in Philadelphia (AP Photo/Evan Vucci)

According to a document issued by the White House on Thursday, President Joe Biden's proposed budget estimates around $6.888 trillion in expenditure and $5.036 trillion in revenue for the upcoming year.

Soft Warfare to Contain Chinese Influence 

Additionally, under the pretext of countering China's influence, President Joe Biden has requested $2 billion in financing from Congress to be disbursed over a five-year period for overseas infrastructure projects, according to the White House. 

The State Department and US Agency for International Development (USAID) are estimated to receive $2.3 billion to fund their projects in the Indo-Pacific area under President Joe Biden's budget plan for 2024, according to the statement.

Read more: China urges US to make political decision regarding nuclear deal ASAP

"The Budget includes more than $2.3 billion in discretionary funding for the Department of State and the US Agency for International Development to support an open, secure and connected to Indo-Pacific and implement the 40 Growing the Economy from the Bottom Up and Middle Out Indo-Pacific strategy to strengthen and modernize America’s alliances and partnerships in this vital region," the document said.

"As part of a broader effort to Out-Compete China, the Budget requests $2 billion in mandatory funding over five years to support investments in 'hard' critical international infrastructure, combat predatory People’s Republic of China (PRC) financed infrastructure projects, and spur US economic growth,"

House Speaker Slams Bill

House Speaker Kevin McCarthy described Biden's proposed budget as "completely unserious" seeing the billions worth of taxes it calls for. 

"President Biden just delivered his budget to Congress, and it is completely unserious. He proposes trillions in new taxes that you and your family will pay directly or through higher costs, " McCarthy tweeted. "Mr. President: Washington has a spending problem, NOT a revenue problem."

Read more: US inflation causes national outstanding debt to exceed $31 trillion

Additionally, the budget included a 3.2% increase in funds for the Department of Defense and billions of dollars worth of aid for Ukraine. The report estimates a $1.84 trillion national budget deficit in 2024. The Treasury Department estimates it to be $31.46 trillion. The national debt (the aggregation of annual deficits) has already reached its threshold however the Republican congress still adamantly opposes lifting the debt ceiling in an effort to gain political leverage against the White House. 

Read more: US risks default by July unless the debt limit is raised

  • debt ceiling
  • Budget
  • Biden
  • 2024 US elections

Trending Now

All
US President Joe Biden in Washington, DC, on March 31, 2022. (AFP)

Biden assigns Brainard, Bernstein to head economic team

Most Read

Indonesian president Joko Widodo during an interview in Jakarta in 2016 (Reuters)

Widodo urges Indonesia to abandon Visa, MasterCard to be 'independent'

  • Asia
  • 16 Mar
Treasury Secretary Janet Yellen listens to opening remarks before testifying before the Senate Finance Committee about the President's proposed budget request for the fiscal year 2024, Thursday, March 16, 2023, on Capitol Hill in Washington. (AP)

US Debt ceiling ‘must be raised’ ahead of default: Treasury Secretary

  • US & Canada
  • 16 Mar
The Desert of the Real; Russia's SMO a year later

The Desert of the Real; Russia's SMO a year later

  • Europe
  • 14 Mar
Rallies held in Washington DC to protest US militarism

Peace rallies held in Washington DC to protest US militarism

  • US & Canada
  • 18 Mar

Read this

All
20 years on, US-led Iraq War atrocities revealed in numbers
MENA

20 years on, US-led Iraq War atrocities revealed in numbers

  • 20 Mar
People walk past rubble of damaged buildings, in the aftermath of the earthquake, in Aleppo, Syria February 7, 2023. (Reuters)
MENA

Donors pledge €7bln as quake aid for Turkey, Syria, fall vastly short

  • 20 Mar
so maliuhhhh
Africa

Somalia to record 135 deaths a day due to drought: UN study

  • Today
Rep. Marjorie Taylor Greene at Capitol Hill in Washington, DC, US in April 2022 (AP)
US & Canada

20% of Americans agree with Greene's 'national divorce' between states

  • 20 Mar
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS