Watch live: White House budget director testifies before Senate panel

Shalanda Young, director of the White House Office of Management and Budget, is giving testimony Wednesday on President Biden’s proposed 2024 budget before the full Senate Budget Committee.

Biden’s Democratic allies in the Senate, including Budget Committee Chairman Sheldon Whitehouse (D-R.I.), have already expressed their support for the plan, which Whitehouse says will reduce the deficit while protecting social programs, Reuters reports.

In the House, the Republican majority oppose Biden’s proposals to raise taxes on the wealthy, and are calling instead for some $150 billion in spending cuts; both parties say they won’t touch Social Security or Medicare.

The debate comes in the wake of the Silicon Valley Bank failure and Signature Bank closure, which has added urgency to questions about the economy’s overall health.

With Republicans refusing to raise the debt ceiling if spending isn’t reduced for 2024, it remains unclear if the parties can strike a deal before a de facto default deadline that might come as early as June.

The hearing is scheduled to begin at 10:15 a.m. ET.

Watch the live video above.