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President Biden And Vice President Harris Speak At DNC Winter Meeting In Philadelphia

Source: Anna Moneymaker / Getty

President Joe Biden will be in Philadelphia today to unveil his budget plan to help reach his $2 trillion dollar deficit reduction goal. Biden has implemented multiple ideas that he believes will aid in alleviating national debt. Pennsylvania Governer Josh Shapiro, who presented his budget plan earlier this month, is expected to be in attendance.

Biden’s plan includes:

  • An increased tax on households bringing home more than $400,000 annually
  • Authorizing Medicare’s ability to negotiate pricing on certain prescriptions
  • Increased tax on stock buybacks

Each of Biden’s key points of proposal go against Republicans fiscal vision. Although they have pledged deep spending cuts to reduce the national debt as well, White House officials fear Republicans will be unable to come to agreement to due their ideological indifferences.“It would be interesting to see what they want to cut and what their numbers add up to,” Biden said last week. “Are they going to cut Medicaid? Are they going to cut the Affordable Care Act? Are they going to cut Medicare or veterans benefits? Aid to rural communities?”

Government officials are indifferent on the President’s new proposals. in an interview with CNN, Office of Management and Budget Director Shalanda Young believes there’s positives and negatives to the President’s plan.  “There’s a vision here and there’s a contrast,” “You can be fiscally responsible and invest in the American people, or you can pull the rug out from people by going after programs that people absolutely need.”

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