President Joe Biden has started to unveil parts of his budget proposal being released later this week.
that he plans to release on Thursday in Philadelphia. Pushing the proposal through Congress will likely be difficult, with Republicans in control of the House and Democrats holding only a slim majority in the Senate.
Grover Norquist, president of Americans for Tax Reform and an advocate for the kinds of tax cuts generally favored by Republicans, said that the U.S. economy would suffer because of the president's plan. “The president’s plan would generate hundreds of billions of dollars – perhaps even approaching a trillion dollars – to strengthen Medicare,” said MacGuineas, a fiscal watchdog focused on deficit reduction.
Ahead of an expected budget feud and the 2024 campaign season, Democrats have ramped up talk around Medicare, vowing to fend off any Republican attempts to cut the program, although so far the GOP has vowed to avoid any cuts. Still, Republican lawmakers have reached little consensus on how to fulfill their promise to put the government on a path toward balancing the federal budget in the next 10 years.
Raising taxes on Americans who make more than $250,000 to pay for Medicare has broad support among older Americans, but raising the eligibility age for Medicare, is widely unpopular, said Mary Johnson, a policy analyst for the nonpartisan Senior Citizens League who has researched the issue.
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