The Democratic president primarily wants higher taxes on the wealthy to lower deficits; the GOP congressional leader favors sharp spending cuts.
“We’re not going to negotiate on something that they should be doing, which is avoiding default,” Jean-Pierre said. “But when it comes to the budget, when it comes to how they want to see spending cuts for the American people, we will have that discussion.”
Biden offered his own budget proposal in March that would cut deficits by about $2.9 trillion over a decade. It would raise $4.7 trillion from higher taxes on corporations and wealthy households, with an additional $800 billion in savings from changes to programs. Accompanying that would be $2.6 trillion worth of new spending.
By way of comparison, the White House estimates growth next year of 2.1% if Biden's budget plan becomes law. The conservative Tax Foundation in its analysis says that Biden's tax hikes would eliminate 335,000 jobs in the long run, an estimate based on multiple years. The Tax Foundation's model says that the higher corporate tax rates in Biden's plan would be the biggest long-term drag on growth.
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