The Obama administration plans to announce Monday that it is putting forward a plan to boost the nation’s long-term borrowing capacity and to cut the size of government over the next decade.
But the plan is unlikely to reach the Republican-controlled House.
The president is set to unveil the plan Monday during a speech in Baltimore, Maryland, in which he is expected to argue for $1.9 trillion in tax increases and spending cuts over 10 years.
The budget blueprint is expected by the White House to be similar to the one President Donald Trump laid out last year.
Biden’s budget proposal includes $1 trillion in new spending, including $1 billion for the National Institutes of Health, which will see an infusion of more than $250 million in 2017.
The agency, which includes some of the nations top biomedical researchers, will be responsible for developing new treatments for diseases like Alzheimer’s, Parkinson’s, and depression.
The administration also expects to provide $300 million in funding to combat opioid addiction.
Bidens plan also calls for cutting the number of people in federal prisons by 50 percent, and eliminating mandatory minimum sentences for drug offenses.
It would also end the use of solitary confinement, which is used to hold people who have been convicted of nonviolent offenses.
It would also provide $400 million in emergency financial assistance for people struggling to find jobs and other needs, according to Biden’s budget blueprint.
The plan calls for an increase in Medicaid funding, which currently covers more than 40 million people, and would increase spending on other social services, including health insurance for the poor.
Bids to help the unemployed would also be increased by $1 million in the 2017 budget.
The White House estimates that the unemployment rate for low-wage workers will rise to 8.5 percent by 2020.BIDEN: ‘Tough on Wall Street’ for corporations and big banksBIDENS budget blueprint includes $500 million in new money for the Financial Stability Oversight Council, which provides a nonpartisan watchdog to scrutinize the countrys financial systems.
The council was created in 2009 by Congress in the aftermath of the 2008 financial crisis.BIDs budget blueprint also includes $100 million in additional funding for a “Tough-on-Wall Street” effort, in response to the crisis.
The Trump administration has already approved $200 million for the program, but Biden’s blueprint would provide more money.
The president has proposed $1,500 for a national day of action in support of financial reform.
Biden said Monday he wants to give Americans “a choice to vote to rein in Wall Street and restore the American Dream, or to do the right thing and put our kids, our grandchildren and our great-grandchildren back on the right path.”
He also has asked Congress to authorize $1 for every $1 in tax revenue raised by eliminating a tax deduction that wealthy people can claim for mortgage interest, a proposal that Republicans in Congress have opposed.BIDS TO REFORM TARP BILL: GOP SENATE SAYS THEY WILL GO TO THE JOB AFTER TRUMP DECLARES IT ENDED PARTY’S FUNDINGBIDENTS plan calls on the Senate Finance Committee to consider legislation that would restore the emergency rescue funds provided to banks during the financial crisis, including some that were set to expire in 2017 under the Dodd-Frank financial reform law.
The legislation would allow Congress to reallocate money to the economy from the Emergency Economic Stabilization Program, which was set up to help banks if their borrowing capacity was at risk of failure.BINNISH PUTS IN PLACE, SENATE BIDS ON WALL STREET BIDEN, HOUSE TO DEAL ON SOURCE: Politico article BIDENS REPEAL OF TAXES, BUDGET BIDS TO END WALL-STREET CRISISBIDens plan includes $400 billion in additional spending, and includes $300 billion in emergency relief for the unemployed.BILL BIDNANS PLAN INCLUDES $500 MILLION FOR LABOR, WIDENING THE WAGE BASESBIDNs budget blueprint calls for a $1-billion increase in the federal minimum wage to $15 an hour.
Biden wants to increase it to $20 an hour over 10 months, but House Republicans are skeptical that can be achieved.
They would also increase the minimum wage for tipped workers to $10.10 an hour, a rate higher than the $7.25 federal minimum.
They would also seek to boost federal benefits for low and moderate-income workers.BUSH: ‘WILL NOT LET GO’ OF AMERICAN LABOUR’ BIDBUSH will not allow the federal government to cut wages and benefits for Americans, and he has made it clear that he will not let the American labour market collapse in response.
BUSH is the first sitting president to sign a budget that does not include any spending cuts, and his budget would have more than doubled spending on programs