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

By Al Mayadeen English
Source: Agencies
9 Mar 2023 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)

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.

"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."

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.