President Joe Biden’s upcoming budget proposal aims to cut deficits by nearly $3 trillion over the next decade, according to an administration official.
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.
It’s a delicate time with the U.S. economy on edge because of high inflation. The government this summer is likely to exhaust its emergency measures to keep Washington running, setting up the risk of a default on payments along with cataclysmic series of job losses that could crash the economy. Republicans, newly in control of the House, are demanding sharp spending cuts. Biden has suggested that tax increases on the earnings and holdings of the country’s wealthiest households can bolster government finances and also improve Medicare and Social Security.
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