President Joe Biden released his annual budget Monday, laying out policy proposals that he will campaign on as he seeks reelection in November.
Many of the initiatives are longstanding priorities of Biden and congressional Democrats, including raising taxes on big corporations and the wealthy, lowering expenses for working Americans, reducing drug prices and helping families cover the cost of raising children. He previewed many of them in his State of the Union address last week.
The proposals have little chance of making it through the Republican-controlled House but will set up the president to draw contrasts between him and his expected rival, former President Donald Trump, whom Biden argues cares more about rich people and large companies.
The $7.266 trillion budget, which also lays out Biden’s vision to shore up Medicare, would reduce the deficit by $3 trillion over the next decade, as well as pay for new investments, according to a White House fact sheet.
Here’s what’s in Biden’s fiscal year 2025 budget proposal:
Biden is seeking to build on the drug price measures in the Inflation Reduction Act that Democrats passed in 2022. The budget calls for increasing the number of drugs subject to negotiation in Medicare and bringing them into the negotiation process sooner after they launch. It would also extend the $35 monthly cap on out-of-pocket insulin costs to the commercial market, instead of only to Medicare enrollees. Likewise, it would extend beyond Medicare the $2,000 out-of-pocket annual limit on prescription drug costs and the rebates on drugs whose prices rise faster than inflation.
Cut taxes for families and workers
The budget would temporarily restore the expanded child tax credit contained in the 2021 American Rescue Plan Act, which for one year…
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