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US president’s budget plan to cut country’s deficit by US$3trn

US President Joe Biden at the White House.
  • According to Press Secretary Karine Jean-Pierre, over the next ten years the budget plan will cut the deficit by nearly $3 trillion
  • Republicans who will be under pressure have said they are preparing thier own alternative budget plan focusing on spending cuts and no tax increases

Washington, United States–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.

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.

Also read: US economy rose 2.9% in Q3, more than early report

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.