Building on Historic Progress
President Biden’s FY2025 Budget, unveiled by the Biden-Harris Administration, aims to protect and build upon the remarkable progress made since the President took office, which includes the creation of nearly 15 million jobs and a two-thirds decrease in inflation. This budget proposal serves as a blueprint for a prosperous and equitable nation, addressing key areas such as healthcare, housing, childcare, worker empowerment, and fiscal responsibility.
Highlights of Biden’s FY2025 Budget
Health Care Cost Savings
The budget proposes accelerating Medicare prescription drug negotiations and negotiating more drugs from the outset. Additionally, it would extend Medicare’s prescription drug cost cap of $2,000 and the Inflation Reduction Act’s rebates into the commercial market, as well as bring the $35 cost-sharing maximum for a month’s supply of insulin to the commercial sector.
Tax Credits for Home Ownership
To promote homeownership and address housing inventory challenges, the budget includes a new, up to $10,000 two-year tax credit for middle-class first-time homebuyers. It also proposes a one-year tax credit of up to $10,000 for middle-class families who sell their starter homes, and a two-year, $5,000 annual mortgage reduction benefit for first-time homebuyers.
Cost of Child Care
Biden’s proposal aims to provide an average of $2,600 back to 39 million low- and middle-class families through an expanded Child Tax Credit. It also proposes a nationwide paid leave program with a maximum duration of 12 weeks for qualified workers, an affordable child care program for families making less than $200,000, and $8.5 billion in Child Care and Development Block Grants.
Lowers Water and Energy Costs at Home
The budget allocates $4.1 billion to the Low Income Home Energy Assistance Program (LIHEAP), helping households access weatherization and home energy assistance. Additionally, it proposes allowing states to use a portion of their LIHEAP funding to assist low-income households with water bills.
Paid Sick Days and National Paid Family and Medical Leave
The budget proposes a nationwide paid family and medical leave program, offering up to 12 weeks of leave for various reasons, including bonding with a new child, caring for a loved one, or recovering from a serious illness. It also urges Congress to mandate that companies offer their employees seven paid sick days each year with job protection.
Investment to Protect and Empower Workers
To ensure fair treatment and wages for workers, the budget allocates $2 billion to the worker protection agencies under the Department of Labor. It also provides funding to the Equal Employment Opportunity Commission to promote the implementation and enforcement of the Pregnant Workers Fairness Act and pay equity initiatives.
Safeguarding Social Security Benefits
The Administration remains committed to strengthening and protecting Social Security. It looks forward to collaborating with Congress to responsibly expand Social Security in a way that ensures no benefit reductions, extends the program’s solvency by requiring the wealthiest Americans to pay their fair share, and enhances financial security for the elderly and disabled.
Conclusion
A Blueprint for a Prosperous and Equitable Nation
President Biden’s FY2025 Budget presents a comprehensive roadmap for addressing the diverse needs of the American people. From healthcare and housing initiatives to child care support, worker empowerment, and fiscal responsibility, this budget proposal demonstrates the Administration’s commitment to building a prosperous and equitable nation for all.