During a speech in Philadelphia, President Joe Biden unveiled the proposed $6.8 trillion Federal Fiscal Year 2024 budget spending blueprint which includes a 7% increase in nondefense discretionary spending, a 3% boost in national security funding, and reduces the national debt by $3 trillion.
The budget proposal focuses on the administrations priorities of lowering costs and giving families more breathing room; protecting and strengthening Medicare and Social Security; growing the economy from the bottom up and middle out by investing in America; keeping America safe and confronting global challenges; reducing deficit; and cutting wasteful spending.
This spending blueprint is the beginning of the federal budget process, in which both houses of Congress needs to pass a budget and the President must sign by the October 1, the beginning of the federal fiscal year. As has been the case for many years, the proposed budget is generally very different from the final signed budget. The proposal does allocate $700 million for the Gateway Tunnel but not address the coming debt limit authority standoff and proposes no change to the $10,000 State and Local Tax (SALT) deduction cap.
Contact: Paul Penna, Senior Legislative Analyst, ppenna@njlm.org, 609-695-3481, x110.