Biden's Budget To Mark Opening Salvo In Debt Ceiling Negotiations

14:30 ET 19:30 GMT: US President Joe Biden will unveil his FY24 budget today at a campaign-style event in Philadelphia, Pennsylvania.

• Biden's budget will target the wealthy to extend Medicare solvency by 25 years, cut the deficit by USD3 trillion over 10 years, and call for one of the largest peacetime defence budgets in history.
• In the best of years a Presidential budget has little chance of becoming law, therefore the launch is designed more as a statement of intent, and to compel the GOP to release their alternate budget.
• The choice of swing-state Pennsylvania suggests the event will also provide another platform to soft launch Biden 2024's re-election campaign.
• White House strategists are likely confident that House Speaker Kevin McCarthy (R-CA) will struggle to convince his caucus to vote on a budget which includes wide-ranging cuts to government entitlements and social spending.
• A White House insider told Politico Biden is, “trying to bait Republicans into showing that they have no plan, because the White House knows that the math does not add up for them.”