White House releases budget plan on March 9

President Joe Biden announced that his proposed budget will be released on March 9. At a meeting with House Speaker Kevin McCarthy to discuss spending, Biden will unveil a budget plan calling for the government to meet its debt obligations.

McCarthy and conservative Republicans have threatened to block another increase in the national debt limit unless Biden promises to cut spending. The president has said that any negotiations on previously approved spending, which is usually approved on a bipartisan basis, are meaningless.

Republicans have yet to agree on how budget spending should be cut and have not approved the parameters of the 2023 budget, but have voiced a proposal to eliminate the IRS in favor of a higher sales tax and a proposal to cut Social Security retirement benefits, measures that Biden has objected to.

McCarthy said he would not allow cuts to Social Security and Medicare, the two largest social programs.

Asked what he would talk to McCarthy about, Biden told reporters Monday, “Show me your budget and I’ll show you mine.”

McCarthy responded by urging Biden not to rule out talks before their meeting at the White House.

“The president of the United States should say that he is willing to sit down and find common ground and negotiate,” McCarthy said.

While the president can propose a budget plan, both houses of Congress must vote on any spending legislation. In the Senate, which is controlled by Democrats, 60 votes are needed to pass spending bills. In the House, a simple majority vote is needed to pass such bills.

Treasury Secretary Janet Yellen said that the debt ceiling could be reached as early as June and urged Congress to take swift action.

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