U.S. President Joe Biden is scheduled to unveil his proposed U.S. spending plan on March 11, as confirmed by the White House Office of Management and Budget.
This document serves as a blueprint for how the government intends to allocate its finances in the upcoming fiscal year, commencing in October.
Given that this is an election year and President Biden is seeking re-election as a Democratic candidate, the spending plan carries significant symbolic weight.
For President Biden’s proposals to become law, they must receive approval from Congress. However, the current balance of power in Congress, with Republicans controlling the House of Representatives, presents challenges for reaching an agreement.
Notably, a group of staunch Republican lawmakers aligned with former President Donald Trump, who is a likely opponent of Biden in the 2024 election, wields considerable influence, making consensus difficult to achieve.
At present, there is a political standoff between the two parties, primarily centered on immigration policy.
This has led to a delay in considering Biden’s October request for $61 billion in aid for Ukraine, which is currently facing conflict with Russian forces, and $14 billion in support for Israel following the October 7 raids by Hamas.
In March of the previous year, President Biden introduced a budget plan amounting to $6.8 trillion.
This plan included provisions for higher taxes on the wealthy and increased spending across various sectors, ranging from the military to healthcare subsidies.
However, this budget proposal did not materialize as initially envisioned. Instead, Biden and congressional lawmakers engaged in intense negotiations, frequently resorting to short-term spending deals to avert a government shutdown.
Remarkably, Congress has yet to fully fund the government for the ongoing fiscal year, which concludes in September.
In the latest development, legislators approved a third stopgap funding bill known as a “continuing resolution” or “CR.”
This measure extends the previous fiscal year’s spending levels until March 1 and March 8 for various government agencies.
Further legislative action will be necessary to establish a comprehensive budget for the entire fiscal year.