President Biden unveils budget proposal focused on retirement, childcare, housing priorities

President Joe Biden unveiled his budget proposal today in Pennsylvania. The plan addresses key priorities for his administration, including childcare, housing, retirement and health care funds. CNN's Mike Valerio reports. Entitlements have long been a hot button issue. People felt like it was the third rail of American politics. And solutions to funding them still seem out of reach. I will put Medicare and Social Security in a lock box.

Medicare, Medicaid and Social Security account for more than a third of the federal budget and provide a critical safety net for tens of millions of Americans, especially retirees. But as the number of people relying on those programs grows, the money is running out. There's a commitment we have to people to age with dignity. But there's an awful lot of abuse and waste that goes on. The White House hopes to address the crisis in President Biden's 2024 budget proposal. I will protect Social Security and Medicare without any change. The document includes a plan to fund a key piece of Medicare through the 2050s by raising taxes on Americans making $400,000 or more a year and allowing Medicare more leeway in negotiating drug prices.

My budget will not cut benefits and it will definitely won't sunset programs. The White House says the budget likewise includes provisions to shore up Social Security and lower Medicaid spending, while also expanding health care access. But with Republicans in control of the House, the plan will be dead on arrival when it reaches Capitol Hill, though GOP leadership insists there is no agenda on the part of Senate Republicans to revisit Medicare or Social Security. Period. Just how they plan to tackle the issue remains in question as congressional Republicans prepare their own budget expected in the spring. I'm Mike Valerio reporting.