The White House will release its budget plan on March 9

Ahead of a meeting scheduled for Wednesday with the Speaker of the House of Representatives, President Joe Biden announced that his draft budget would be released on March 9.The upcoming announcement was announced by the White House on Tuesday.In a White House memo seen by Reuters, it is reported that in a meeting with House Speaker Kevin McCarthy to discuss spending, Biden will present a budget plan calling for meeting debt obligations. of the government.McCarthy and conservative Republicans are threatening to block another increase in the national debt ceiling unless Biden promises to cut spending. The president said any negotiation over previously approved spending, which is usually approved on a bipartisan basis, does not make sense.Republicans have yet to agree on how spending should be cut and did not approve budget metrics for 2023 but announced a proposal to abolish the Internal Revenue Service in favor of a higher sales tax high and a proposal to cut Social Security retirement benefits — moves Biden opposed.
McCarthy said he would not allow cuts to Social Security and Medicare, two of the biggest social programs.When asked what he would talk to McCarthy about, Biden told reporters on Monday, “Show me your budget, and I’ll show you mine.”In response, McCarthy urged Biden not to rule out the possibility of negotiations before they meet at the White House.”The President of the United States needs to say he’s ready to sit down and find common ground and have … talks,” McCarthy said Tuesday.While the president can propose a budget plan, any spending bill must be passed by both houses of Congress. In the Senate, which is controlled by Democrats, it takes 60 votes to pass spending bills. In the House of Representatives, these bills require a simple majority vote.Treasury Secretary Janet Yellen said the debt ceiling could be hit as early as June and urged Congress to act quickly.