U.S. President Joe Biden is set to unveil his budget proposal for fiscal 2024 during a visit Thursday to the state of Pennsylvania.
“The president will deliver remarks on his plans to invest in America, continue to lower costs for families, protect and strengthen Social Security and Medicare, reduce the deficit, and more,” the White House said ahead of the event in Philadelphia.
Part of Biden’s proposal is to raise taxes on the wealthy to help pay for his plans.
The White House has already announced that part of the budget proposal includes an increase in Medicare taxes for incomes above $400,000 a year and allowing Medicare to negotiate better prices for prescription drugs to bolster the federal health insurance program for older Americans and certain people with disabilities.
Republicans in Congress expressed opposition to the president’s Medicare plan, with Senate Minority Leader Mitch McConnell predicting it had no chance of approval in the Republican-held House of Representatives.
Some information for this report came from The Associated Press and Reuters.