President Joe Biden said this week that he wants to shore up Medicare's finances by raising taxes on top earners, part of his new federal budget set to be unveiled on Thursday. 

Florida is one of the states with the most Medicare recipients in the country, but members of the state's delegation in Congress are divided along party lines on Biden’s proposal.

What You Need To Know

  • President Joe Biden said this week that he wants to shore up Medicare's finances by raising taxes on top earners, part of his new federal budget set to be unveiled on Thursday

  • Florida is one of the states with the most Medicare recipients in the country, but members of the state's delegation in Congress are divided along party lines on Biden’s proposal

  • The White House said Biden's budget would reduce the deficit by nearly $3 trillion over ten years while making good on his pledge to protect Medicare and Social Security

Biden said raising taxes on Americans making more than $400,000 per year will help ensure Medicare will be solvent for another 25 years. Florida Democrats support the plan. 

"President Joe Biden's plan addresses the current Medicare funding crisis and protects the program for future generations,” said Rep. Darren Soto, D-Fla., in a statement to Spectrum News. “His plan benefits 99% of Central Floridians by ensuring the top 1% … pay their fair share."

"@HouseDemocrats & @POTUS are putting #PeopleOverPolitics by working to lower health care costs & strengthen Medicare for America's seniors,” Rep. Lois Frankel, D-Fla., wrote on Twitter on Tuesday. "Now @POTUS is building on these efforts with his plan to protect Medicare for another generation without any cuts."

The White House said Biden's budget would reduce the deficit by nearly $3 trillion over ten years while making good on his pledge to protect Medicare and Social Security.

After his State of the Union address last month, Biden flew to Tampa to criticize Florida Republican Sen. Rick Scott's plan that read "all federal legislation sunsets in five years." 

Scott later amended the plan to indicate that there were specific "exceptions” for Social Security and Medicare, and has since called for Biden to release a balanced budget. 

"We have the highest inflation we've had in 40 years,” said Scott. "He's not going to balance the budget. He's not even going to try to balance the budget. He's gonna raise taxes on people, which seemed like everybody, doesn't just impact the rich, it impacts everybody.”

Joesph Cordes, an economics professor at The George Washington University, told Spectrum News that Biden outlining a balanced budget would be a "tall order."

"I would expect it to be a more balanced budget. But, I would be surprised if he actually submits a truly balanced budget," Cordes said. "I mean, that's just a tall order to be honest with you, given the various moving parts of the budget." 

Biden has called on House Republicans to share their budget proposal. They have yet to do so.