U.S. President Joe Biden unveils 2024 budget

The President highlighted his plan as the economy continues to suffer with high inflation

U.S. President Joe Biden released his 2024 budget.

The President laid out his policy positions in his new proposed budget on Thursday in Philadelphia.

The President highlighted his plan as the economy continues to suffer with high inflation.

Biden’s budget has been released after the U.S. hit the debt ceiling earlier this year.

The debt ceiling is a cap set by Congress in Washington DC.

Currently, the U.S. Treasury Department is taking extraordinary measures in order for the government to continue to pay its bills.

Some of the key takeaways from Biden’s budget include placing a minimum tax on billionaires, increasing the corporate tax rate, restoring the enhanced child tax credit, increasing food security, and spending billions more on military defence and support for Ukraine.

President Biden’s budget does not has a chance of successfully being passed in the Republican-led majority in the U.S. House of Representatives

Meanwhile, the GOP is preparing to release their 2024 budget in the coming days which will surely set-up the framework for political battles on Capitol Hill.