The President Biden’s FY2025 Budget was made public by the Biden-Harris Administration. The Budget protects and builds on the historic progress made since the President took office, which includes the creation of nearly 15 million jobs and a two-thirds decrease in inflation. Highlights of Biden’s Budget FY2025 also includes lowers costs for working families, strengthens Social Security and Medicare, invests in America and its citizens, and reduces the deficit by combating fraud, eliminating wasteful spending, and mandating that corporations and the rich pay their fair share.
Biden’s FY2025 Budget
“As we look to 2025, it is imperative that USDA programs, employees, and facilities receive sufficient funding to live up to its nickname, ‘The People’s Department.'” Agriculture Secretary Vilsack stated, “This pledge is upheld by the President Biden’s FY2025 Budget proposal, which also expands the prospects for millions of Americans, including those living in rural areas.
“The Biden-Harris administration will keep working to make sure that people can succeed in the communities in which they live, whether that means providing our firefighters with the wage increases they are due for their valiant service.”, ensuring infants and children have access to nutritious foods, or investing in rural prosperity through housing and business capital.”
Biden’s Budget FY2025 : Highlights
Health Care Cost Savings
The budget suggests speeding up Medicare prescription drug negotiations and negotiating more drugs from the outset. Therefore, they announced the Health Care Cost Savings in their budget for the beneficiaries. The first ten prescription drugs to be negotiated under the Inflation Reduction Act were announced by the government last year. These treatments address a variety of conditions, including blood clots, diabetes, kidney illness, arthritis, heart failure, and blood malignancies.
Additionally, Biden’s proposal would extend Medicare’s prescription drug cost cap of $2,000 and the IRA’s rebates into the commercial market. As well would bring the $35 cost-sharing maximum for an insulin supply lasting a month to the commercial sector.
Tax Credits For Home Ownership
A new, up to $10,000 two-year tax credit for middle-class first-time homebuyers is included in the budget. In order to add more inventory to the housing market, Biden also urges Congress to grant middle-class families who sell their starter home a one-year tax credit of up to $10,000. Additionally, the budget would offer a two-year, $5,000 yearly mortgage reduction benefit to first-time homebuyers. So these are the Tax Credits For Home Ownership.
Cost of Child Care
According to Biden’s proposal, 39 million low- and middle-class families would receive an average of $2,600 back from the enlarged Child Tax Credit. Additionally, it would create a nationwide paid leave program with a maximum duration of 12 weeks for qualified workers, as well as an inexpensive child care program for families making less than $200,000. As well as it would give states access to $8.5 billion in Cost of Child Care and Development Block Grants, which is the main federal funding source for child care loans.
Lowers Water and Energy Costs at Home
The Low Income Home Energy Assistance Program (LIHEAP), which helps households access weatherization and home energy assistance—essential resources for shielding families from extreme weather and climate change—is funded by the budget with a total of $4.1 billion. Furthermore, the budget suggests giving states the ability to utilize a portion of their LIHEAP funding to help low-income households with their water bills.
Pays for Paid Sick Days and Offers National Paid Family and Medical Leave
A nationwide paid family and medical leave program, worth up to 12 weeks, is proposed in the budget to enable eligible workers to take time off for a variety of reasons, including bonding with a new child, caring for a critically ill loved one, recovering from a serious illness of their own, handling situations resulting from a loved one’s military deployment, or finding safety from domestic abuse, sexual assault, or stalking. The President also urges Congress to mandate that companies offer their employees seven paid sick days each year that are protected by their jobs.
Investment To Protects and Empower Workers
America’s labour force drives economic growth, creating the middle class and working class economies from the bottom up. The Investment To Protects and Empower Workers allocates $2 billion to the worker protection agencies under the Department of Labor in order to guarantee that workers receive the salaries they are entitled to and are treated with respect and dignity in the workplace. The Equal Employment Opportunity Commission will receive cash from the budget to promote the Pregnant Workers Fairness Act’s implementation and enforcement as well as the promotion of pay equity through the collecting and analysis of employer pay data.
Safeguards The Benefits Earned By Americans on Social Security
Social Security will continue to be strengthened and protected by the Administration. The Administration especially looks forward to collaborating with Congress to responsibly expand Social Security in a way that guarantees no reductions in benefits, prolongs the program’s solvency by requiring the wealthiest Americans to pay their fair share, and enhances financial security for the elderly and disabled, particularly for those who struggle most to make ends meet.
FAQs On Biden’s FY2025 Budget
To support the growth of small enterprises, Biden’s FY2025 Budget may include proposals for tax credits, capital program access, and technical assistance. It could also entail making infrastructural and workforce development investments to encourage entrepreneurship.
The proposed budget for the United States Government for the fiscal year 2025 is President Biden’s FY2025 Budget. In order to address different national concerns. It details the administration’s policy efforts, revenue proposals, and expenditure priorities.