Biden unveils $6.9 trn budget, raises tax on rich, boosts spending on infra

US President Joe Biden on Thursday unveiled a USD 6.9 trillion annual budget for the year 2024, which proposes a hefty tax on the rich, massive spending on social measures and investment on building key infrastructure.

The budget was termed a "non-starter" by the Republicans who have a majority in the House of Representatives.

Biden at a rally in Philadelphia asserted that his budget reflects what "we can do to" lift the burden on hard working Americans and it would reduce the deficit this year by USD 160 billion.

"To support working parents, my budget expands access to affordable childcare for millions of families. And it's going to invest in paid family medical leave," Biden said, adding that his budget also invests in elder care and home care and restores the child tax credit.

Biden said the budget will deliver funding to help the US lead the world again. "My budget also invests in critical issues that matter to families, increasing the supply of affordable housing, lower rental