U.S. President Joe Biden on Thursday unveiled plans for government spending and higher taxes on the wealthy, choosing the swing state of Pennsylvania to reveal his playbook for an expected 2024 re-election bid.
Speaking at a Philadelphia union hall, the Democratic president challenged Republican opponents on fiscal responsibility, highlighting plans to cut U.S. deficits nearly $3 trillion over 10 years by raising taxes on those earning more than $400,000 a year.
Overall, the budget would increase federal spending in the 12 months starting in October to $6.8 trillion from the $6.2 trillion expected to be spent in the current fiscal year.