In Case You Missed It…

This week at CBPP, we focused on the federal budget, and in particular President Biden’s 2024 budget proposal. We also focused on federal and state taxes, health, income security, and the economy. And we marked the ratification of our new union contract. 

• We had several analyses of the President’s budget proposal. CBPP President Sharon Parrott released a statement and a tweet thread explaining how the proposal would build toward an economy where everyone can thrive. Chuck Marr noted that the President’s budget proposes a full expansion of the Child Tax Credit through 2025 and calls for policymakers to make the Earned Income Tax Credit expansion permanent. Marr also pointed out that the budget takes a key step in strengthening the IRS. Samantha Jacoby highlighted that the budget would raise substantial revenues from large corporations and high-income households. Kathleen Romig noted that the proposal would increase the Social Security Administration’s total administrative budget by 10 percent. Sarah Lueck emphasized that the proposal would, for the first time, permanently extend Medicaid coverage to low-income people. Paul Van de Water pointed out that it shores up Medicare’s financing and lowers beneficiaries’ costs. Peggy Bailey noted that it would provide $73.3 billion in discretionary funds for Housing and Urban Development programs. In advance of the budget’s release, David Reich and Richard Kogan explained why Congress should reject proposals to cut non-defense program funding.  
   
• On federal taxes, Marr emphasized that the beginning of the 2025 tax debate offers an opportunity for course correction. 
   
• On state taxes, Wesley Tharpe pointed out that the growing trend to phase in or trigger state tax cuts is irresponsible and skirts accountability.  
   

• On health, Paul Van de Water described why Medicare Advantage payment changes would have little to no effect on beneficiaries.  
   

• On income security, Aditi Shrivastava updated our policy brief on the importance of states investing more TANF dollars in basic assistance to strengthen economic security and advance equity.  
   

• On the economy, CBPP staff marked the third anniversary of COVID-19 by highlighting how robust COVID relief bolstered the economy and reduced hardship for millions. We also updated our backgrounder on how many weeks of unemployment compensation are available, and our backgrounder tracking the recovery from the pandemic recession.
   

Chart of the Week – Non-Defense Discretionary Funding Down for Most Categories Between 2010 and 2023