The former would make major investments in both traditional infrastructure and in green technology, which Biden argues is crucial to making America competitive in the global economy. It would also shore up the U.S. electrical grid, expand broadband access and bolster care for the elderly and disabled.
This second piece contains additional funding for two years of free universal pre-K and two years of free community college. It also funds heavily subsidized child care for middle-class families, federal paid family leave and expanded child tax credits.
The combined cost of these two programs is $4.1 trillion over the next decade and would be paid for primarily through higher taxes on corporations and the wealthiest taxpayers.
The White House is currently negotiating with Senate Republicans on a potential bipartisan infrastructure deal, but this negotiation is separate from the FY 2024 budget request.
Presidential budgets are typically one part plan and one part wish list, designed to illustrate the president’s policy priorities as much as they are to inform congressional appropriators.
Presidential budget requests are also dependent upon Congress to pass them. But with Democrats in control of both chambers this year, Biden has a far better chance of seeing his budget enacted into law than most of his recent predecessors.
In former President Barack Obama’s final year in office in 2016, Republicans who controlled both the House and Senate disregarded his budget altogether.