White House to Release FY24 Budget Plan March 9

White House officials said President Biden will release his budget proposal for next fiscal year on March 9, in part to pressure House Republicans to detail their own spending plans.

The White House on Tuesday circulated a memo from National Economic Council Director Brian Deese and Office of Management and Budget Director Shalanda Young ahead of President Biden’s meeting with Speaker Kevin McCarthy (R-CA) on the debt ceiling.

“President Biden will release a budget on March 9,” the memo said. “It is essential that Speaker McCarthy likewise commit to releasing a budget so that the American people can see how House Republicans plan to reduce the deficit – whether through Social Security cuts; cuts to Medicare, Medicaid and Affordable Care Act (ACA) health coverage; and/or cuts to research, education and public safety – as well as how much their budget will add to the deficit with tax cuts for the wealthiest Americans and large corporations, as in their first bill this year.”

The president’s budget proposal is typically viewed as a messaging document and an opening salvo in negotiations with Congress about future spending priorities.