President Joe Biden is ready to unveil his proposed federal budget, his opening offer in a high-stakes debate about federal finances. He's proposing to cut deficits by nearly $3 trillion over the next decade. It’s part of a broader attempt by the president to call out House Republicans, who are demanding severe cuts to the federal spending in return for increasing the government’s legal borrowing authority. Biden will unveil his budget plan Thursday afternoon in Philadelphia. He wants to impose tax hikes on the wealthy to limit federal borrowing and to expand Medicare, the government health insurance program for adults over 65.
