President Joe Biden was in Philadelphia laying out his annual budget plan.
“Medicare finally has the power now to negotiate for lower drug prices. It’s gonna reduce the deficit this year $160 billion,” Biden said.
The budget includes proposals to extend the social safety net, restore the enhanced child tax credit, and provide universal free preschool. The plan also calls for increasing corporate taxes, capping the price of insulin for all Americans, and limiting Medicare beneficiaries’ out-of-pocket costs for generic drugs.
In addition, Biden’s budget proposal seeks to strengthen the infrastructure against climate change, provide funding for climate research, and provide $500 million for a new grant program to help make two years of community college free.
Those are just some of the things outlined in the President’s proposal. The White House says the proposal will shrink the deficit by nearly $3 trillion over the next decade.
The budget has no chance of making it through the Republican-controlled House but it will shape political discussions in the coming year.