WASHINGTON—President Biden this week will release his annual budget blueprint, a document that is unlikely to gain momentum in Congress but will shed light on his priorities ahead of an expected re-election campaign and set the stage for contentious negotiations with Republicans over government spending.
Mr. Biden, in his February State of the Union address, said his fiscal year 2024 budget will map out a plan to lower the deficit by $2 trillion over 10 years and extend the solvency of the Medicare Trust Fund by at least two decades. He pledged to achieve those goals without cutting Social Security or Medicare benefits or raising taxes on Americans making less than $400,000 a year.
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