President Joe Biden is proposing a plan to raise the Medicare tax on high-income Americans and push for additional drug price negotiations to fund the program through 2050.
The plan would raise the tax from 3.8 percent to 5 for those earning above $400,000 per year. The proposal is a bid to get Republicans on board with a 2024 budget bill.
"Millions of Americans have been working their whole lives, paying into Medicare with every working day, and want to know that they can count on Medicare to be there for them when they turn 65," the White House said in a statement. "The President’s Budget extends the life of the Medicare Trust Fund by at least 25 years. It achieves these gains with no benefit cuts—indeed, while lowering costs for Medicare beneficiaries.
The proposal also calls for closing loopholes in existing Medicare taxes and leveraging the Inflation Reduction Act (IRA) authority to negotiate prices for high-cost drugs.
The president is set to release his full budget plan on Thursday. Medicare and Social Security account one-third of federal spending, according to the Congressional Budget Office. Concerns about their future solvency are a perennial concern in Congress.
Officials in Missouri's largest city are moving to declare it a sanctuary for people seeking or providing gender-affirming care, defying state officials who are intent on banning it for minors and restricting it for adults.
The Biden administration on Thursday will begin denying asylum to migrants who arrive at the U.S.-Mexico border without first applying online or seeking protection in a country they passed through.
Federal health advisers said Wednesday that a decades-old birth control pill should be sold without a prescription, paving the way for a likely U.S. approval of the first over-the-counter contraceptive medication.
Rep. George Santos has pleaded not guilty to charges alleging financial fraud at the heart of a political campaign built on dubious boasts about his personal wealth and business success.
The charges are under seal, said th
A jury has found Donald Trump liable for sexually abusing advice columnist E. Jean Carroll in 1996.
Before President Joe Biden and congressional leaders can even try to avert an unprecedented U.S. government default, their initial challenge on Tuesday will be to agree on what exactly they’re talking about as they hold their first substantive meeting in months.
A number of noncitizens appear to have been missed in the 2020 census.
Cheddar News checks in on what to look for on The Day Ahead as President Joe Biden meets with House Speaker Kevin McCarthy to look to resolve the debt ceiling debate. Earnings are also slated to be reported from companies including Airbnb, AMC Networks, Electronic Arts and Nintendo.
The White House and Congress could strike a deal to raise the debt ceiling in exchange for budget cuts.
