Biden budget plan would cut US deficit by $3 trillion in decade: White House
US President Joe Biden will unveil a proposed budget on Thursday that would reduce the US national deficit by $3 trillion over the next decade, in part by raising taxes, the White House said.
The budget plan “will cut the deficit by nearly $3 trillion over the next 10 years,” Press Secretary Karine Jean-Pierre told reporters Wednesday.
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The plan would rely in part on raising taxes on the wealthy and corporations -- something Republicans in Congress are not expected to authorize.
The $3 trillion figure is far higher than the previous goal set by Biden of $2 trillion.
However, Congress, not the White House, controls federal spending, making the budget largely an aspirational political platform ahead of 2024 presidential elections, in which Biden is expected to seek a second term.
“The president wants to lay out in a transparent way to the American people the way he sees us moving forward,” Jean-Pierre said.
Biden’s plan will raise pressure on Republicans who have said they are preparing their own alternative budget plan that would focus on spending cuts, not tax increases.
Jean-Pierre said Biden’s plan will seek to make “the wealthy and big corporations pay their fair share, without raising taxes on Americans” earning less than $400,000 a year.
The Republicans, however, will add to the deficit “with handouts to the rich, big corporations and special interest groups,” she said.
Read more: Biden says ‘I’m gonna raise some taxes’ in March budget proposal