Biden's suggested Medicare changes are part of a fuller budget proposal that he plans to release on Thursday in Philadelphia.
President Joe Biden on Tuesday proposed new taxes on the rich to help fund Medicare ahead of his budget address in Philadelphia this week.President Joe Biden on Tuesday proposed new taxes on the rich to help fund Medicare, saying the plan would help to extend the insurance program's solvency by 25 years and provide a degree of middle-class stability to millions of older adults.
Senate Minority Leader Mitch McConnell, R-Ky., was quick to dismiss the plan, telling reporters on Tuesday that Biden's budget agenda "will not see the light of day." The conflicting worldviews on how taxes would impact the economy is part of a broader showdown. Biden and Congress need to reach a deal to raise the government's borrowing authority at some point this summer, or else the government could default and plunge the U.S. into a debilitating recession.
"The president's plan would generate hundreds of billions of dollars - perhaps even approaching a trillion dollars - to strengthen Medicare," said MacGuineas, a fiscal watchdog focused on deficit reduction. Last year, members of the House Republican Study Committee proposed raising the eligibility age for Medicare to 67, which would match Social Security. But that idea hasn't moved forward in a split Congress.
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