Washington, D.C. – Today, the Biden administration released its FY2024 budget proposal, which includes provisions to restore the expanded monthly Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC). Taken together, these programs help working and middle class families weather the rising cost of living. President Biden’s proposal also encourages Congress to increase funding to take on corporate consolidation, putting the country on the pathway towards a fairer economy for all. Following today’s budget announcement, Adam Ruben, Vice President of Campaigns and Political Strategy at the Economic Security Project issued the statement below: 

“Last year, parents, community organizations, and champions on Capitol Hill came together to try and renew critical programs like the expanded monthly Child Tax Credit and the Earned Income Tax Credit to help working and middle-class families face rising costs – and we were disappointed when these efforts were stalled by Congressional gridlock. We are pleased that the White House has redoubled its efforts to support direct cash payment programs like the CTC and EITC within this year’s proposed FY 2024 budget. We are also proud to see that President Biden has included policies that counter unfair corporate monopolies that continue to hurt everyday consumers. President Biden has demonstrated, once again, that he has not faltered in his commitment to pushing for bold economic policies – especially given how rising costs continue to set families back. With tax day only a month away, we are encouraged that the highest office in the land still sees the value in leveraging the tax code to enact lasting change for families. We hope that the rest of Washington sees it, too.”