US PRESIDENT JOE Biden on Thursday unveiled a federal budget proposal laden with spending proposals and higher taxes on the wealthy that forms a blueprint for his expected 2024 re-election bid.
Biden's proposal faces stiff opposition in Congress this year after Republicans won control of the House of Representatives in November's midterm elections and large parts of it are unlikely ever to be enacted.
The plan, however, is a political statement that directly defies Republican House Speaker Kevin McCarthy's threat to block an increase in the $31.4 trillion limit on federal borrowing unless Biden agrees to rein in federal spending.
Speaking at a Philadelphia union hall, the Democratic president will highlight plans to cut, though not eliminate, the nation's deficit by nearly $3 trillion over 10 years by raising taxes on those earning more than $400,000 a year and ending some corporate tax breaks enacted in 2017 under then President Donald Trump.
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