WASHINGTON: President Joe Biden's budget proposal will aim to cut US budget deficits by nearly $3 trillion over 10 years, the White House said on Wednesday, far more than the $2 trillion Biden had said he would aim for earlier.
"That’s nearly a $6 trillion difference between the president’s budget and Congressional Republicans' agenda,” White House Press Secretary Karine Jean-Pierre said, saying the opposition’s plans would add $3 trillion to the debt.
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.
"We see this as a value statement" about the future of the country, Karine Jean-Pierre said.
Ultimately, it will be up to Congress, where Republicans control the House of Representatives, to write related budget legislation.