President’s FY 2024 Budget Proposal Released

President Biden released his FY 2024 Budget Proposal on March 9^th.  Totaling $6.9 trillion, the president’s proposal would increase spending by $77 billion across a wide variety of federal programs. Some of the spending would be paid for by $5.5 trillion in increased taxes.  The budget proposal estimates that while the deficit would increase in 2024 to $1.8 trillion, after 10 years the deficit would be but by $3 trillion.  However, the gross federal debt would grow to $51 trillion after 10 years. The President’s Budget is expected to face strong opposition from Congressional Republicans.  Republican leaders are pushing to reduce federal spending and have proposed $150 billion in cuts and are opposed to the proposed tax increases.