Biden budget aims to cut deficits nearly dollar 3T over 10 years

That deficit reduction goal is significantly higher than the $2 trillion that Biden had promised in his State of the Union address last month

President Joe Biden’s upcoming budget proposal aims to cut deficits by nearly $3 trillion over the next decade, the White House said on Thursday. That deficit reduction goal is significantly higher than the $2 trillion that Biden had promised in his State of the Union address last month.

It also is a sharp contrast with House Republicans, who have called for a path to a balanced budget but have yet to offer a blueprint. The White House has consistently called into question Republicans’ commitment to what it considers a sustainable federal budget.

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Administration officials have noted that the various tax plans and other policies previously backed by GOP lawmakers would add more than $2.7 trillion to the national debt over 10 years. Biden intends to discuss his budget proposal on Thursday in Philadelphia. The Associated Press reported the deficit reduction goal earlier Wednesday, citing an administration official speaking on the condition of anonymity.

$2T
Joe Biden’s earlier deficit cut goal

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