Economy


President Joe Biden speaks about his 2024 proposed budget at the Finishing Trades Institute, Thursday, March 9, 2023, in Philadelphia. (AP Photo/Matt Rourke)
Biden’s Budget Would Tax Billionaires, Corporations to Strengthen Medicare, Expand Child Care, and Help Families

Republicans immediately rejected Biden's plan, but have yet to release their own budget. They have made it clear, however, that they want to apply deep spending cuts to everything from health insurance to food assistance benefits.

FILE - President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. It seems like no one wants to cut Social Security or Medicare benefits, including Biden, who is already telling voters that his upcoming federal budget proposal will “defend and strengthen” the programs. (AP Photo/Patrick Semansky, File)
Biden Proposes Taxes on the Rich to Strengthen Medicare Funding

Biden’s plan would increase the Medicare tax rate on Americans earning above $400,000 from 3.8% to 5% to help keep Medicare solvent into the 2050s. No one earning under $400,000 a year would pay a dime more in taxes, under Biden’s plan. 

FILE - President Joe Biden speaks about his administration's plans to protect Social Security and Medicare and lower healthcare costs, Feb. 9, 2023, at the University of Tampa in Tampa, Fla. It seems like no one wants to cut Social Security or Medicare benefits, including Biden, who is already telling voters that his upcoming federal budget proposal will “defend and strengthen” the programs. (AP Photo/Patrick Semansky, File)
Biden Proposes Taxes on the Rich to Strengthen Medicare Funding

Biden’s plan would increase the Medicare tax rate on Americans earning above $400,000 from 3.8% to 5% to help keep Medicare solvent into the 2050s. No one earning under $400,000 a year would pay a dime more in taxes, under Biden’s plan. 

Speaker of the House Kevin McCarthy, R-Calif., speaks during a news conference in Statuary Hall at the Capitol in Washington, Thursday, Jan. 12, 2023. (AP Photo/Jose Luis Magana)
GOP Plans Could Include Deep Cuts to Social Security, Medicare, Medicaid, and the Affordable Care Act

House Republicans want to apply deep cuts to everything from health insurance to food assistance benefits, an effort that would plunge millions more Americans into extreme poverty.  

Speaker of the House Kevin McCarthy, R-Calif., speaks during a news conference in Statuary Hall at the Capitol in Washington, Thursday, Jan. 12, 2023. (AP Photo/Jose Luis Magana)
MAGA Republicans Plan to Hold the Economy Hostage to Cut Social Security and Medicare

The debt ceiling is a numerical limit, set by Congress, on how much money the federal government can borrow to pay its bills. Increasing the debt ceiling is a routine congressional task, but Republicans want to hold it hostage to make cuts to Social Security and Medicare, even though failing to raise the limit would cause massive economic devastation.

House Minority Leader Kevin McCarthy, R-Calif., walks to the chamber for final votes as the House wraps up its work for the week, at the Capitol in Washington, Friday, Dec. 2, 2022. McCarthy is seeking enough GOP backing to become Democrat Nancy Pelosi's successor when Republicans take control of the House in the new Congress. (AP Photo/J. Scott Applewhite)
House Republicans’ Agenda Focuses on Social Security Cuts and Sham Investigations—Not Working Families

Between Republicans’ economic agenda, spurious investigations, and threatened impeachments, the House is looking at a busy but unproductive year.

AP Photo/Carolyn Kaster, File
10 Ways the Federal Government Delivered for American Workers and Families This Year

Under Democratic control, the federal government acted to lower healthcare and prescription drug costs; fight climate change and lower energy costs; invest in gun safety and mental healthcare; and implement a generational investment in American industry, manufacturing, and infrastructure.