Biden and House Republicans agreed to spending limits last year as part of an agreement for raising the debt limit. And it calls for restoring the expanded child tax credit, but only temporarily, lumping that into the broader 2025 tax debate. The budget proposal comes less than eight months before Election Day and amid polls that show Trump with a narrow lead over Biden. Trump has also said he wouldn’t cut Medicare, although his previous budget proposals called for spending reductions in the program. Instead, the president proposes working with Congress to strengthen the program, prevent cuts and ensure its solvency by increasing unspecified taxes on wealthy Americans.

Source: Wall Street Journal March 11, 2024 17:16 UTC