Washington, D.C. — Today, President Joe Biden released his fiscal year 2025 budget, calling for critical investments in America to grow the middle class and pave the way for a stronger future. Bobby Kogan, CAP’s senior director of federal budget policy, released the following statement in response:
President Biden’s budget would help grow the middle class and meaningfully reduce poverty across the country. His proposal takes care of children through new initiatives to provide child care and preschool and to help parents afford costs. It would cut costs for seniors by strengthening Medicare benefits, and importantly, it would indefinitely extend the solvency of the Hospital Insurance Trust Fund, ensuring that Americans can continue to depend on Medicare for generations to come.
In addition to cutting costs for families, President Biden’s budget calls for investing in the future, funding critical research and development projects that will ensure the country can continue to be competitive in the global economy. By asking the very wealthy and large corporations to chip in a little more, this proposal more than offsets these new investments, stabilizing the debt-to-GDP ratio at the same time.
For more information or to speak with an expert, please contact Sarah Nadeau at [email protected].