President Joe Biden’s upcoming budget proposal aims to cut deficits by nearly $3 trillion over the next decade, the White House said Wednesday.
WASHINGTON —
“This is something we think is important,” White House press secretary Karine Jean-Pierre said about the plan Biden intends to discuss Thursday in Philadelphia. “This is something that shows the American people that we take this seriously.” The official who provided the details spoke on condition of anonymity to preview the plan before its official release.—expanding the ability of Medicare to negotiate on pharmaceutical drug prices, with an estimated spending cut of $160 billion over a decade.—steps to reduce identity theft and unemployment insurance fraud.
Biden’s package of spending priorities is unlikely to pass the House or Senate as proposed. Senate Minority Leader Mitch McConnell, R-Ky., said Tuesday that the plan “will not see the light of day,” a sign that it might primarily serve as a messaging document going into the 2024 elections. In February, the nonpartisan Congressional Budget Office estimated that the national debt held by the public will grow by more than $20 trillion over the next decade. The publicly held debt — which reflects the cumulative impact of yearly deficits — would be equal to 118% of U.S. gross domestic product, up from 98% this year. Biden’s budget would reduce the debt, though it would still be high relative to historical levels.
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