Biden to release draft US budget plan on March 11

By Trevor Hunnicutt

WASHINGTON (Reuters) – US President Joe Biden will present its proposed U.S. spending plan on March 11, according to the White House Office of Management and Budget.

The document is a wish list for how the government should spend its money in the financial year starting in October. This takes on particular symbolic significance in a year when the Democratic president is seeking re-election.

Congress would have to pass Biden’s proposals for them to take effect. Republican control of the House of Representatives, and in particular the influence of a group of radical Republicans loyal to Biden’s likely 2024 opponent Donald Trumpmake an agreement difficult to reach.

The two sides are currently at an impasse over immigration policy, with Republicans delaying Biden’s October demand for $61 billion for Ukraine as it fights Russian invaders and $14 billion for Israel following the Hamas raids of October 7.

Last March, Biden visited a union hall in the competitive electoral state of Pennsylvania to present a $6.8 trillion budget plan that included higher taxes on the wealthy and increased military spending for subsidies to health care.

That plan never passed in anything close to that proposed by the president, with Biden and congressional lawmakers engaged in tense negotiations over short-term spending deals to prevent the government from having to shut down .

Congress still has not fully funded the government for the current fiscal year, which ends in September.

Last month, they signed their third stopgap funding bill, known as the “Continuing Resolution” or “CR,” which extends spending levels from the previous fiscal year until two deadlines, March 1 and March 8, for various government agencies. Lawmakers will need to pass additional bills providing the budget for the entire year.

(Reporting by Trevor Hunnicutt; additional reporting by Richard Cowan; editing by Daniel Wallis)

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