REP. SYKES STATEMENT ON PRESIDENT BIDEN’S 2024 BUDGET PROPOSAL
WASHINGTON, D.C.— Today, U.S. Representative Emilia Strong Sykes (OH-13) issued the following statement on President Biden’s Fiscal Year 2024 federal budget proposal:
“Budgets show our values, and President Biden’s budget proposal demonstrates our commitment to creating opportunity for all by investing in the American people,” said Rep. Sykes. “This budget will improve the lives of people across Ohio’s 13th District by lowering everyday costs for families, reducing the deficit, and creating an economy that works for everyone. Notably, the President’s proposal will strengthen and protect Medicare and Social Security, ensuring all Americans can retire with safety and peace of mind. The budget also puts more money back into the pockets of Northeast Ohioans through the Child Tax Credit and the Earned Income Tax Credit. I look forward to working with my colleagues in Congress to deliver a final budget that is fiscally responsible and puts the needs of the people first.”
The proposals in the President’s budget would extend the solvency of Medicare’s Hospital Insurance (HI) Trust Fund by at least 25 years without benefit cuts. The budget extends the life of Medicare by closing loopholes in existing Medicare taxes, dedicating the Medicare net investment income tax to the HI Trust Fund, and crediting savings from prescription drug reforms to the HI Trust Fund. This proposal would also lower healthcare costs for Medicare beneficiaries.
As a member of the House Committees on Transportation and Infrastructure, as well as Science, Space, and Technology, Rep. Sykes lauded several significant investments in the president’s budget that will strengthen the nation’s infrastructure and encourage innovation and cutting-edge research. The budget invests $4.5 billion in clean energy across America, bringing jobs to rural communities and cities, and provides $25 billion, up approximately $6.5 billion from the 2023 level, for CHIPS and Science Act-authorized activities.
The budget also upholds Rep. Sykes’ efforts to put more money back into the pockets of the hardworking people of Ohio’s 13th Congressional District by restoring and expanding the full Child Tax Credit enacted in the American Rescue Plan (ARPA) and making the Earned Income Tax Credit expansion for American workers permanent.