Federal Budget 2024 Breakdown

Biden's FY2024 Budget Proposal: Overview and Highlights

Budget Outlines Priorities for Fiscal Year 2024

The Congressional Justification of Appropriations (CJ) reflects President Biden's proposed budget for the 2024 fiscal year. The $12 trillion package outlines the administration's priorities and plans for investing in America, lowering costs, and cutting taxes for working families.

Key elements of the budget include:

Investing in America

* Infrastructure: Funds to improve roads, bridges, airports, and other infrastructure projects. * Education: Increased funding for early childhood education, K-12 schools, and higher education institutions. * Clean Energy: Investments in renewable energy, electric vehicles, and clean energy research.

Lowering Costs

* Healthcare: Proposals to reduce prescription drug costs and expand access to affordable healthcare. * Housing: Funding for affordable housing programs, including rental assistance and homeownership programs. * Childcare: Increased tax credits and subsidies for childcare.

Cutting Taxes for Working Families

* Earned Income Tax Credit: Expansion of the earned income tax credit, which provides tax relief for low- and moderate-income workers. * Child Tax Credit: Continuation of the expanded child tax credit, providing monthly payments to families. * Middle-Class Tax Relief: Additional tax cuts for middle-class households.

The budget also includes funding for defense, homeland security, financial services, and general government activities. The projected deficit totals $1.6 trillion in fiscal year 2024, growing to $1.8 trillion in 2025 before declining gradually thereafter.

The budget proposal is now available for public review and will undergo congressional scrutiny before being approved.