President Joe Biden on Monday released his $7.3 trillion budget proposal for fiscal year 2025 with $5.5 trillion in tax increases that continues to increase the national debt.
While the budget is only a recommendation from the White House that has almost no chance of becoming an actual budget, it lays out the president’s priorities for spending and which tax increases he is willing to publicly get behind.
“Specifically, the Budget reduces the deficit by around $3 trillion over the next decade, compared to deficits without the President’s policies,” the White House said in a statement. “The deficit reduction in the Budget increases over time, with over $500 billion of deficit reduction in 2034.”
Despite the claims of deficit reduction, the White House’s own numbers say the national debt under the budget plan would rise to $45 trillion by 2034.
