Biden Says He’s Ready to Meet With McCarthy ‘Anytime’ on Budget

Biden made the announcement in March 9th of his $6.8 trillion budget plan. House Speaker Kevin McCarthy (R.Calif.) announced his plan to allow them to explore. “line by line” Determine common ground areas.

“I’m ready to meet with the speaker anytime,” Biden spoke at a Philadelphia union hall.

“Lay it down. We’ll go through it, see what we can agree on, what we disagree on, and then fight it out in the Congress.”

Biden’s budget proposes increasing the corporate tax rate to 21 percent to 28%, which would add $1.3m to the Treasury, according to the White House.

The White House stated that raising the capital gains tax for incomes exceeding $1 million from 20 to 39.6 percent would result in an additional $449 billion.

Biden’s budget also includes proposals to increase the top income tax rate to 36% for Americans with more than $400,000 in income, raise the tax rate on foreign earnings from 10.5 percent and 21 percent, raise the Medicare surtax to 3.8 percent and 5% on Americans who earn more than $400,000 per year, and introduce a minimum 25 percent tax on those with assets and income exceeding $100 million.

“When I grew up, trickle-down didn’t work for my family. I ran for president to rebuild the backbone of the country—the middle class,” Biden said. “That’s what my budget is an investment in,”

Republicans responded by calling the president’s budget “financial disaster” “completely unserious.”

“He proposes trillions in new taxes that you and your family will pay directly or through higher costs,” Kevin McCarthy, the House Speaker (Republican from California), wrote a tweet before Biden’s speech. “Mr. President: Washington has a spending problem, NOT a revenue problem.”

Sen. Rick Scott (Republican from Florida) warned that Biden’s plans would result in a “disastrous” outcome. “bankrupt Floridians.”

“The budget [the president] proposed today shows the American people he doesn’t value them,” Scott stated this in a statement. “If he did, he would get serious about rolling back burdensome regulations and focus on growing the economy so American business can create more, good paying jobs.”

Tax increases

Biden stated that, as he did last month in the State of the Union Address, “my plan is to make sure the corporations begin to pay their fair share.”

“It used to be 35 percent, we cut it down to 21 percent,” Biden made comments about the corporate rate of tax. “I think we should be paying 28 percent. It’s going to be a real fight in that but we should be paying more than 21 percent.”

Biden pledged that “No one making less than $400,000 will see a penny in federal taxes go up. Not a single penny.”

“No billionaire should be paying a lower tax than somebody working as a school teacher or a firefighter,” He stated.

Biden claimed that Republicans were intent on ending Medicare and Social Security, drawing the ire of many Republicans during the State of the Union address. Biden promised that he would not allow this to happen, and received a standing ovation on March 9.

“I won’t allow it to be gutted or eliminated as MAGA Republicans threaten to do,” Biden said. “My budget will not cut benefits and it definitely won’t sunset programs like some of my MAGA Republican friends want to do.”

The budget of Biden includes the following: “vital program” Will keep “going strong for generations without cutting a single penny and benefits,” He stated.

The budget plan also calls to a $26 Billion increase in Pentagon spending to $842 Billion. This represents a 3.2 Percent increase compared with 2023 and approximately $800 M more on border security.

Congress is responsible for writing the federal budget. Biden’s plan is unlikely to be passed by the GOP-controlled House.