OMB Director Shalanda Young testified before the Senate Wed. on Pres. Biden's $6.8T budget proposal for fiscal year 2024.

Young appeared before the Senate Budget Committee Wed. for her first testimony on Capitol Hill since her confirmation.

Who is Young? Young has served as OMB director since 2021; she is the first Black woman to lead the department. (AP)

Biden released his 2024 budget proposal on Thu.; Young told senators Wed. that the budget would reduce the deficit by $3T.

What's in Biden's $6.8T budget? (CNN) •$35 cap on insulin •$15B+ for free school lunches •$500M+ for free community college

•25% minimum tax on billionaires •28% corporate tax rate •New capital gains tax

Biden's budget notably repeals the Trump tax cuts, restoring the top tax rate of 39.6% for those making $400K+. (CNN)

According to the WH, Biden's new tax code would extend "the solvency of the Medicare Trust Fund by at least 25 years."

Biden's new budget also revives 2021's expanded child tax credit, which gave $3.6K+ per child under six. (CNN)

What else is in the budget? •$2 cap on medications for chronic conditions like hypertension and high cholesterol

•$150B+ over a decade for Medicare expansion •$59B+ for affordable housing •$417M+ for maternal health initiatives

Biden's budget also sets aside $1.4B+ for the Social Security Administration, a 10% increase over 2023's budget. (CNN)

Will Congress pass Biden's budget? With a GOP-controlled House, it's unlikely.