Biden Address Nation, Congress Passes First Spending Bill, and the FY24 Proposed Budget is Released


Biden Address Nation, Congress Passes First Spending Bill, and the FY24 Proposed Budget is Released

It was a busy month in Washington, the President delivered his annual state of the union, Congress advanced the first of two funding bills for the current fiscal year, and the Biden-Harris Administration released its FY24 budget.

First, at the invitation of the House, President Biden delivered his State of the Union on March 7, outlining the administration’s accomplishments and setting forth the legislative agenda for the coming year. Here are some key takeaways from the address:

Economic Growth: The President highlighted the current administration’s success in stimulating economic growth, emphasizing job creation and reduced unemployment rates, including the longest streak of below 4% unemployment.

Healthcare Reform: The President continued to highlight his efforts to lower Rx drugs through the Inflation Reduction Act.

National Security: Top of mind was the Russian war against Ukraine, Israeli-Palestine conflict following the October 7th massacre, and continued threats to Taiwan. The President argued for additional funds in support of additional funds in support of Ukraine, Taiwan, and Israeli.

Following the President’ State of the Union, on March 8, Congress (overwhelmingly) passed the first of two spending bills to operate the federal government for the current fiscal year. The first spending bill covered the six of the 12 appropriation bills, specifically:

•  Agriculture, Rural Development, Food and Drug Administration, and Related Agencies;

•  Commerce, Justice, Science, and Related Agencies; Energy and Water Development and Related Agencies;

•  Interior, Environment, and Related Agencies;

•  Military Construction, Veterans Affairs, and Related Agencies;

•  and Transportation, and Housing and Urban Development, and Related Agencies.

Congress has until March 22nd to pass the secnd spending vehicle, which includes thornier agencies such as the Department of Defense and the Department of Homeland Security.

On Monday, March 11, the President unveiled his proposal for Fiscal Year 2025, outlining a comprehensive plan aimed at furthering economic recovery and ensuring fiscal responsibility. The budget emphasizes the Administration’s commitment to lowering costs for American families, safeguarding and fortifying Social Security and Medicare, fostering investment in the nation and its people, and reducing the deficit through measures such as combating fraud, trimming unnecessary spending, and ensuring that wealthy individuals and corporations contribute their fair share. The President’s is a roadmap but is often “DOA”.

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