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Economic Viewpoint

Biden vs. Trump: A US Fiscal Policy Preview

April 4, 2024
Francis Généreux
Principal Economist

With the US presidential election not until November 5, Donald Trump and Joe Biden still have lots of time to lay out their vision for a second term. But the proposed budget that President Biden recently released for fiscal year (FY) 2025 does shed some light on his second-term priorities. It shows public finances improving somewhat, especially compared with some baseline scenarios. Trump’s policy agenda is less clear right now, but he would likely want to make the 2017 tax cuts permanent. Meanwhile congressional Republicans have put forth their own proposal that would slash government spending and supposedly balance the budget.

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