The Long Road: Understanding President Biden's Proposed 2025 Fiscal Budget

President Biden's proposed 2025 fiscal budget of $7.3 trillion aims to reduce the national debt by $3 trillion over a decade. However, it's seen as a wishlist and may not pass. The budget includes gimmicks and unrealistic assumptions, with the 2017 tax cuts set to end next year. It projects a deficit reduction but expects public debt to exceed 100% of GDP by 2025. Social Security, Medicare, and non-discretionary expenses are projected to increase, contributing to the growing deficit and debt.