President Joe Biden’s budget proposal will aim to cut U.S. budget deficits by nearly $3 trillion over 10 years, a Biden administration official familiar the plan said on Wednesday, far more than the $2 trillion Biden had said he would aim for.
Biden, who intends to unveil his budget plan on Thursday, had floated the $2 trillion deficit reduction figure during his State of the Union address in February.
The Democratic president will propose raising taxes on companies and people earning over $400,000 a year in an effort to curb government red ink, while protecting Social Security, Medicare and Medicaid from cuts.
Ultimately, it will be up to Congress, where Republicans control the House of Representatives, to write related budget legislation
The deficit reduction figure was first reported by the Associated Press.
This report’s information was first seen on REUTERS; to read more, click this link.
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