Biden budget would cut deficit by nearly US$3 trillion over 10 years
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US President Joe Biden had floated a US$2 trillion deficit reduction figure during his State of the Union address.
PHOTO: NYTIMES
WASHINGTON - President Joe Biden’s budget proposal will aim to cut US budget deficits by nearly US$3 trillion (S$4 trillion) over 10 years, the White House said on Wednesday, far more than the US$2 trillion Mr Biden had said he would aim for earlier.
“That’s nearly a US$6 trillion difference between the president’s budget and Congressional Republicans’ agenda,” White House Press Secretary Karine Jean-Pierre said, alleging the opposition’s plans would add US$3 trillion to the debt.
Republicans have not yet published a budget, and the US$3 trillion figure Jean-Pierre cited is a White House compilation of proposed Republican Bills that does not take into account proposals to cut spending.
Mr Biden, who intends to unveil his budget plan on Thursday, had floated the US$2 trillion deficit reduction figure during his State of the Union address in February.
Ms Jean-Pierre did not provide details about how the additional US$1 trillion would be funded.
“This week, I’ll show Americans my full budget vision to invest in America, lower costs for families, and grow the economy without raising taxes on anyone making under US$400,000,” Mr Biden said on Twitter on Wednesday.
“I urge my Republican friends in Congress to do the same. Show the American people what you value.”
The Democratic president will propose raising taxes on companies and people earning over US$400,000 a year in an effort to curb government red ink, while protecting Social Security, Medicare and Medicaid from cuts.
“We see this as a value statement” about the future of the country, Ms Jean-Pierre said.
Ultimately, it will be up to Congress, where Republicans control the House of Representatives, to write related budget legislation. REUTERS
