Biden releases $7.3 trillion 2025 budget proposal

President Joe Biden on Monday released a $7.3 trillion budget proposal, which sparked swift opposition from congressional Republicans.

The proposed $7.3 trillion budget is for fiscal year 2025, which will run from October 2024 through September 2025. It contains many of Biden's 2024 campaign promises, such as tax credits and increased taxes on the wealthy, per Axios.

"While hardworking Americans struggle with crushing inflation and mounting national debt, the President would increase their pain to spend trillions of additional taxpayer dollars to advance his left-wing agenda," House Republican leaders said in response to the proposal.

The White House released 16 separate fact sheets on different aspects of the budget, all of which reflect issues for Biden in the 2024 election, such as the deficit, uniting the nation, fighting crime and securing the border. 

The budget has little chance of actually being approved by the Republican-controlled House and becoming law. 

Biden also claims the budget will lower the government deficit by $3 trillion over the next decade, while federal debt is at $34.4 trillion, which is more than $6.7 trillion higher than when Biden took office, per Treasury Department data.

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