Joe Biden’s budget draws fiscal battle lines with Republicans ahead of 2024

Joe Biden will release a multitrillion-dollar budget plan on Thursday to sharpen the contrast with Republicans on taxes, social programmes and defence. Republicans are divided about whether and how long to keep providing weapons and other forms of military aid to Ukraine.

March 9, 2023 . 8:49 PM

1 min read

Joe Biden will release a multitrillion-dollar budget plan on Thursday.
The proposal will sharpen contrast with Republicans on taxes, social programmes and defence.
Biden is calling for a tax on billionaires, quadrupling of taxes on share buybacks, an increase in taxes on the profits of hedge funds and private equity executives, and the elimination of tax breaks for oil companies and cryptocurrency transactions.
Republicans are divided about whether and how long to keep providing weapons and other forms of military aid to Ukraine.
Federal Reserve chair Jay Powell said the US central bank was ready to raise interest rates if economic data showed inflation was not coming down rapidly.