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Debt Ceiling Pushes New Biden Budget Into Market Spotlight

President expected to defy GOP demands for deep spending cuts
Taxes on stock buybacks, billionaire wealth considered likely

Biden’s defense budget exceeds $835 billion. — Biden’s defense budget exceeds $835 billion.
Photographer: Eric Lee/Bloomberg

By

Erik Wasson and

March 8, 2023, 10:00 AM UTCUpdated onMarch 8, 2023, 10:02 PM UTC

President Joe Biden’s budget proposal is an opening salvo in the looming impasse with Republicans over raising the debt ceiling and funding the US government.

Biden is expected to defy GOP calls for deep spending cuts, instead proposing new taxes on corporations and Americans making more than $400,000 a year as he seeks to shore up entitlement programs and address budget deficits.