• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
Catholic Review

Catholic Review

Inspiring the Archdiocese of Baltimore

Menu
  • Home
  • News
        • Local News
        • World News
        • Vatican News
        • Obituaries
        • Featured Video
        • En Español
        • Sports News
        • Official Clergy Assignments
        • Schools News
  • Commentary
        • Contributors
          • Question Corner
          • George Weigel
          • Elizabeth Scalia
          • Michael R. Heinlein
          • Effie Caldarola
          • Guest Commentary
        • CR Columnists
          • Archbishop William E. Lori
          • Rita Buettner
          • Christopher Gunty
          • George Matysek Jr.
          • Mark Viviano
          • Father Joseph Breighner
          • Father Collin Poston
          • Robyn Barberry
          • Hanael Bianchi
          • Amen Columns
  • Entertainment
        • Events
        • Movie & Television Reviews
        • Arts & Culture
        • Books
        • Recipes
  • About Us
        • Contact Us
        • Our History
        • Meet Our Staff
        • Photos to own
        • Books/CDs/Prayer Cards
        • CR Media platforms
        • Electronic Edition
  • Advertising
  • Shop
        • Purchase Photos
        • Books/CDs/Prayer Cards
        • Magazine Subscriptions
        • Archdiocesan Directory
  • CR Radio
        • CR Radio
        • Protagonistas de Fe
  • News Tips
  • Subscribe
U.S. President Joe Biden gestures as he delivers remarks about his budget for fiscal year 2024 at the Finishing Trades Institute in Philadelphia March 9, 2023. (OSV News photo/Evelyn Hockstein, Reuters)

Biden argues new budget would reflect U.S. values; GOP hits rising debt

March 10, 2023
By Kate Scanlon
OSV News
Filed Under: Feature, News, U.S. Congress, World News

Share
Share on Facebook
Share
Share this
Pin
Pin this
Share
Share on LinkedIn

WASHINGTON (OSV News) — Democratic President Joe Biden unveiled the third budget proposal of his presidency March 9, and his first to a divided Congress. The 2024 fiscal year budget proposal stands little chance of being enacted as written since Republicans control the House, but the details of the budget foreshadow what Biden’s policy areas of focus for the rest of his term.

In remarks at the Finishing Trades Institute in Philadelphia, Biden said his father used to say “show me your budget, I will tell you what you value.”

“Well folks, let me tell you what I value,” Biden, a Catholic, said.

U.S. President Joe Biden gestures as he delivers remarks about his budget for fiscal year 2024 at the Finishing Trades Institute in Philadelphia March 9, 2023. (OSV News photo/Evelyn Hockstein, Reuters)

The White House estimated that Biden’s budget would cut the deficit by nearly $3 trillion over the next decade by “making the wealthy and big corporations pay their fair share and cutting wasteful spending on Big Pharma, Big Oil and other special interests,” the press office said in a release. The White House also said no one earning less than $400,000 per year “will pay a penny in new taxes.”

The proposal would raise Medicare taxes on households earning more than $400,000 a year, raise the corporate tax rate to 28 percent, and establish a minimum tax on billionaires, which the White House said would amount to “a 25 percent minimum tax on the wealthiest 0.01 percent.”

The budget also calls for the restoration of the full Child Tax Credit enacted in the American Rescue Plan, which Congress allowed to expire in 2022. Some Catholic and pro-life leaders have called for the implementation of that policy.

The expanded Child Tax Credit aimed to alleviate rising consumer costs during the COVID-19 pandemic for parents, granting eligible recipients $3,000 per child between 6 and 17 years old, and $3,600 per child under age 6. Census Bureau data and analysis by academic institutions found a significant decrease in child poverty as a result of the policy.

“My budget reflects what we can do to lift the burden on hard-working Americans,” Biden said.

In a March 9 press call, Shalanda Young, director of the Office of Management and Budget, said the president’s budget “comes at a critical moment for our country and a time when the president’s economic strategy is working.”

“The economy has added 12 million jobs,” Young said. “The unemployment rate has fallen to the lowest level in more than 50 years. And we just had the two strongest years for new small business applications on record.”

The budget, Young said, “details a roadmap to build on that progress and finish the job.”

“It’s built on four key values: lowering costs for families, protecting and strengthening Social Security and Medicare, investing in America, and reducing the deficit by ensuring that the wealthiest in this country and big corporations begin to pay their fair share, and cutting wasteful spending on Big Pharma, Big Oil, and other special interests,” she said.

A Republican House is unlikely to pass a budget like the one proposed by Biden, setting the stage for budget battles in the weeks to come.

In a joint statement March 9, House Speaker Kevin McCarthy, R-Calif., Majority Leader Steve Scalise, R-La., Majority Whip Tom Emmer, R-Minn., and Republican Conference Chairwoman Elise Stefanik, R-N.Y.,called the president’s budget “a reckless proposal doubling down on the same Far Left spending policies that have led to record inflation and our current debt crisis.”

“We must cut wasteful government spending. Our debt is one of the greatest threats to America and the time to address this crisis is now,” the House Republican leaders said. “Yet, President Biden is proposing out of control spending and delaying debt negotiations, following his pattern of shrugging and ignoring when faced with a crisis.”

In his remarks, Biden said he is “ready to meet with the speaker anytime,” and said he would meet with McCarthy to compare their budgets “line by line.”

The Washington Post editorial board wrote in a March 9 editorial that Biden’s proposed budget wouldn’t solve the U.S. debt problem.

“Stabilizing the debt should be a top priority for Mr. Biden and Congress,” the editorial board wrote, adding, “It doesn’t take a PhD in accounting to see the warning sign here: As debt gets bigger than the economy, the interest costs become so onerous that there is little money left for anything else.”

Kate Scanlon is a national reporter for OSV News covering Washington. Follow her on Twitter @kgscanlon.

Read More U.S. Congress

Planned Parenthood defunding remains in question amid legal challenges

Top Republican appears to walk back probe of Catholic entities amid charged committee hearing

White House agrees to exempt PEPFAR from rescissions package

House approves Trump’s ‘Big Beautiful Bill’ after Senate passage

Senate passes Trump’s ‘Big Beautiful Bill’; measure heads to House

US bishops’ conference calls for ‘drastic changes’ in Trump’s ‘Big Beautiful Bill’

Copyright © 2023 OSV News

Print Print

Share
Share on Facebook
Share
Share this
Pin
Pin this
Share
Share on LinkedIn

Primary Sidebar

Kate Scanlon

Click here to view all posts from this author

For the latest news delivered twice a week via email or text message, sign up to receive our free enewsletter.

| MOST POPULAR |

  • Mary’s assumption: The long-held belief was declared dogma 75 years ago

  • Project PLASE hopes Beacon House Square shines a light in Southwest Baltimore 

  • Analysis: At 100 days, Pope Leo’s papacy rooted in St. Augustine, reflection, unity

  • Pope Leo holds the host up in both hands during the consecration Pope Leo’s Tears at Mass

  • Canadian court OKs priest’s abuse suit against prominent priest, religious order

| Latest Local News |

The homework debate: Is it time to re-think after-school work?

Sister Patricia McCarron, new schools superintendent, talks about what inspired her to become an educator

Project PLASE hopes Beacon House Square shines a light in Southwest Baltimore 

Baltimore NBCC leader among People of Life awards winners

Gun buyback exceeds expectations, previous totals

| Latest World News |

Uruguay bishops express sadness over euthanasia vote

Pope Leo appoints new bishop of Jefferson City

Pope visits mountaintop Marian shrine

Trump meets with Zelenskyy, European leaders after Putin summit

Pregnancy resource centers learn to pivot amid a changing abortion landscape

| Catholic Review Radio |

CatholicReview · Catholic Review Radio

Footer

Our Vision

Real Life. Real Faith. 

Catholic Review Media communicates the Gospel and its impact on people’s lives in the Archdiocese of Baltimore and beyond.

Our Mission

Catholic Review Media provides intergenerational communications that inform, teach, inspire and engage Catholics and all of good will in the mission of Christ through diverse forms of media.

Contact

Catholic Review
320 Cathedral Street
Baltimore, MD 21201
443-524-3150
mail@CatholicReview.org

 

Social Media

  • Facebook
  • Instagram
  • Twitter
  • YouTube

Recent

  • Uruguay bishops express sadness over euthanasia vote
  • Pope Leo appoints new bishop of Jefferson City
  • Pope visits mountaintop Marian shrine
  • Movie Review: ‘Weapons’
  • Trump meets with Zelenskyy, European leaders after Putin summit
  • Pregnancy resource centers learn to pivot amid a changing abortion landscape
  • The homework debate: Is it time to re-think after-school work?
  • Pope to Amazon bishops: Proclaim Gospel, fight injustice, defend nature
  • As Hong Kong Catholic activist’s trial reaches final stretch, appeals grow to ‘save him’

Search

Membership

Catholic Media Assocation

Maryland-Delaware-DC Press Association

The Associated Church Press

© 2025 CATHOLIC REVIEW MEDIA, ALL RIGHTS RESERVED

en Englishes Spanish
en en