The U.S. budget for the 2024 fiscal year projects a colossal $6.9 trillion of federal government spending. However, the Biden Administration plans to minimize the federal deficit by $3 trillion over the next ten years, reports Nasdaq.
GOBankingRates reports Biden’s budget plan aims to help the average American through funding programs such as education, saving, health care, and other welfare programs. You might be positively impacted by the 2024 federal budget, especially if you have kids and paying for health care and utility bills.
Also Read: Taxes Increase on Wealthy and Raise Spending – Biden’s 9.2T Budget
The following are the five key highlights of Biden’s budget plan that would help Americans save money:
Removal of Hidden Renting Costs
High housing costs are often caused by various junk fees, significantly impacting low-income Americans. Junk fees include screening fees, application fees, online payment convenience fees, move-in fees, late fees, and more. The Department of Housing and Urban Development (HUD) promised to eliminate or openly disclose the junk fees to the landlords on March 7. They aim to make the rental fees transparent to the renters.
Eliminating Other Junk Fees
The administration does not only limit their plan to eliminating hidden costs in housing fees but also to other economic sectors, such as concert tickets, airline tickets, internet bills, and banking.
Reduce Water and Energy Bills
Biden’s budget plan for the 2024 fiscal year also intends to lower the average utility bills by building and investing in clean energy. $375 million will be spent to weatherize low-income Americans’ homes, and $1.55 billion will be set aside to improve energy efficiency.
Biden’s budget plan also includes support for infrastructure and investment in clean energy to lower or improve energy efficiency for all Americans. (Photo: The Telegraph)
Lower Healthcare Costs
Biden’s budget plan includes the Affordable Care Act, making health care less expensive. It will use the expanded premium tax credits to provide an average of $800 per year premium cuts and lower prescription drug costs.
Reduce Child Care and Education Costs
One of the major contributors to household expenses is childcare costs. Biden’s budget plan proposed increasing childcare options and lower costs for over 16 million kids. It also includes an additional $9 billion budget for expanding access to affordable and quality childcare across the country. Another $500 million is left in funding to expand access to free preschool in high-poverty areas.
Find Out: Biden’s Proposed 2024 Budget: Child Tax Credit Extension
More: 2024 Budget Proposal from Joe Biden would Restore $300 Monthly Benefits for Families with Kid
