Biden has floated a new tax on incomes above $100 million that would target billionaires and called for lower prescription drug prices.
- expand the ability of Medicare to negotiate on pharmaceutical drug prices, saving an estimated $160 billion over a decade.- take new steps to reduce identity theft and unemployment insurance fraud.
McCarthy told The Associated Press that his plan's release has been pushed back because Biden's proposal is only just being issued. It's a delicate time, with the U.S. economy already in a fragile state because of high inflation. If Biden and Congress fail to increase the statutory debt cap of $31.4 trillion by this summer, the government could default on payments and shove the U.S. economy into a recession.
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