What to expect from Biden’s annual budget blueprint set to be released this week

President Joe Biden is expected to unveil his proposed budget for 2023 this week. The proposal will be his first with a Republican-led House.

The White House has already previewed the “values” of the full budget proposal, which they say will be released publicly on Thursday.

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The core values outlined in a video posted to Twitter include “building the economy from the bottom up and middle out,” lowering costs for citizens, “strengthening and protecting” Social Security and Medicare, and “reducing the deficit by $2 trillion over the next 10 years.”

Part of the preview included Shalanda Young, director of the Office of Management and Budget, saying that the plan will be funded by “ensuring that the wealthiest in this country and large corporations pay their fair share.”

Specifics have not been revealed about the plan, but maintaining funds for Social Security and Medicare, while not contested by House Republicans, will be a focus for the White House’s messaging around the budget.

The Wall Street Journal reported that the White House is considering shifting general fund revenue to the Medicare trust fund, one of several proposals, in order to keep the trust fund solvent for two decades. The report also suggests the specifics of the budget proposal will give better insight into the Biden administration’s view on how the economy is doing.

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House Speaker Kevin McCarthy (R-CA) called for a return to a “balanced budget” and spending cuts prior to Biden’s State of the Union address last month. The House GOP say they are waiting for Biden to release his budget proposal before publishing their counterproposal.

McCarthy and members of the House of Representatives will be briefed by the Congressional Budget Office on Wednesday. The CBO recently projected that the country will amass $19 trillion in debt over the next 10 years.