{"id":25897,"date":"2023-03-08T21:16:35","date_gmt":"2023-03-08T21:16:35","guid":{"rendered":"https:\/\/staging.sightlinemg.com\/federaltimes\/uncategorized\/2023\/03\/08\/biden-budget-aims-to-reduce-deficits-nearly-3-trillion-over-a-decade\/"},"modified":"2026-08-08T05:01:53","modified_gmt":"2026-08-08T05:01:53","slug":"biden-budget-aims-to-reduce-deficits-nearly-3-trillion-over-a-decade","status":"publish","type":"post","link":"https:\/\/staging.sightlinemg.com\/federaltimes\/congress\/2023\/03\/08\/biden-budget-aims-to-reduce-deficits-nearly-3-trillion-over-a-decade\/","title":{"rendered":"Biden budget aims to reduce deficits nearly $3 trillion over a decade"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/apnews.com\/article\/biden-budget-2024-republicans-debt-limit-46a5cc7b4ef49d6bc4bf3319930e3d48\">President Joe Biden\u2019s upcoming budget proposal<\/a> aims to cut deficits by nearly $3 trillion over the next decade, the White House said Wednesday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That deficit reduction goal is significantly higher than the $2 trillion that Biden had promised in his <a href=\"https:\/\/apnews.com\/article\/state-of-the-union-biden-2023-b9bebd876a42a9510f068a04a3f2a348\">State of the Union<\/a> address last month. It also is a sharp contrast with House Republicans, who have called for a path to a balanced budget but <a href=\"https:\/\/apnews.com\/article\/biden-politics-united-states-government-us-republican-party-kevin-mccarthy-895d66dcb52739ea06a505859ac9fff3\">have yet to offer a blueprint<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The White House has consistently called into question Republicans\u2019 commitment to what it considers a sustainable federal budget. Administration officials have noted that tax plans and other policies previously backed by GOP lawmakers would add roughly $3 trillion to the national debt over 10 years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Biden intends to discuss his budget proposal on Thursday in Philadelphia. The Associated Press reported the deficit reduction goal earlier Wednesday, citing an administration official speaking on the condition of anonymity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis is something we think is important,\u201d White House press secretary Karine Jean-Pierre said in confirming the president\u2019s plan. \u201cThis is something that shows the American people that we take this seriously.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As part of the budget, the president already has said he wants to <a href=\"https:\/\/apnews.com\/article\/biden-medicare-budget-tax-prescription-drug-costs-99e50b8e956118110dd4a7516318d2cc\">increase the Medicare payroll tax<\/a> on people making more than $400,000 per year and <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2023\/03\/06\/remarks-by-president-biden-at-the-2023-international-association-of-fire-fighters-legislative-conference\/\">impose a tax on the holdings of billionaires<\/a> and others with extreme degrees of wealth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s 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 <a href=\"https:\/\/apnews.com\/article\/politics-us-department-of-the-treasury-united-states-government-district-columbia-china-0f7f0d85ed38353940a18cd262de8b09\">risk of a default on payments<\/a> along with cataclysmic series of job losses that could <a href=\"https:\/\/apnews.com\/article\/biden-us-department-of-the-treasury-united-states-government-janet-yellen-business-6fe9b54dcdfea58bead0f4c5f9f89a64\">crash the economy<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Biden\u2019s 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 \u201cwill not see the light of day,\u201d a sign that it might primarily serve as a messaging document going into the 2024 elections.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rohit Kumar, a former McConnell aide who is now an executive with the tax consultancy PwC, said Biden\u2019s plan does matter \u201cin terms of putting ideas out there.\u201d He said that if Biden won a second term, elements of this spending blueprint could be part of negotiations in 2025 about the expiring provisions in the 2017 tax cuts that President Donald Trump signed into law.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Given the scope of the deficit reduction in Biden\u2019s proposal, Kumar said it was unlikely that the president\u2019s plan would identify which parts of the expiring tax cuts he plans to keep, as the president has vowed no tax increases on anyone making less than $400,000. But while the White House has charged that Republican plans increase deficits by $3 trillion, about $2.7 trillion of that total comes from renewing all the Trump-era tax cuts that disproportionately favored the wealthy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In February, the nonpartisan <a href=\"https:\/\/www.cbo.gov\/system\/files\/2023-02\/58848-Outlook.pdf\">Congressional Budget Office<\/a> estimated that the national debt held by the public will grow by more than $20 trillion over the next decade. The publicly held debt \u2014 which reflects the cumulative impact of yearly deficits \u2014 would be equal to 118% of U.S. gross domestic product, up from 98% this year. Biden\u2019s budget would reduce the debt, though it would still be high relative to historical levels.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Republicans, newly in control of the House, are demanding sharp spending cuts. Biden has suggested that <a href=\"https:\/\/apnews.com\/article\/biden-medicare-budget-tax-prescription-drug-costs-99e50b8e956118110dd4a7516318d2cc\">tax increases<\/a> on the earnings and holdings of the country\u2019s wealthiest households can bolster government finances and also improve Medicare and Social Security.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The president contended in a Monday speech that there are 680 billionaires in the U.S, and that many of them pay taxes at a lower rate than do families who think of themselves as being in the middle class. Biden said not to hold him to the precise number of billionaires, but that they could afford to pay more for the good of the country.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cNo billionaire should be paying a lower tax rate than a fire fighter \u2014 nobody,\u201d Biden said at a gathering of the International Association of Fire Fighters.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cNo billionaire should be paying a lower tax rate than a fire fighter \u2014 nobody,\u201d Biden said.<\/p>\n","protected":false},"author":7,"featured_media":74502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":38,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[65,38,31,15,68,9],"tags":[],"coauthors":[721],"class_list":["post-25897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget","category-congress","category-home","category-management","category-leadership","category-federal-oversight"],"acf":{"subheadline":"","legacy_arc_id":"LEW7APNG7ZDHLMOF4HUJZIXG7Q","arc_canonical_url":"\/federal-oversight\/congress\/2023\/03\/08\/biden-budget-aims-to-reduce-deficits-nearly-3-trillion-over-a-decade\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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