More than anything, the 2025 budget is a statement of Biden’s 2024 economic platform, as he campaigns for a second term.
Biden's 2025 government funding blueprint includes tax hikes on billionaires, corporate profits and other proposals that were in his 2024 budget, which has yet to be approved six months into the fiscal year.
Like all presidential budgets, Biden's 2025 plan is more of a wish list than it is a policy document. This year, as the president faces a likely general election rematch against Donald Trump in November, his budget is also a statement of the Biden campaign's economic platform. The two competing budget proposals are no surprise in a deeply divided Washington, one where compromise has been an especially rare commodity during the 2024 fiscal year.
Despite that dysfunction, Biden did not dilute any part of his progressive budget requests for 2025, though that may have made it easier for the polarized Congress to swallow. Voter sentiments about Biden's economy may be starting to brighten, however, after months of gloomy approval ratings, according to recent polls.