Mar 8, 2023 8:26 p.m | 2 minutes read
president Joe Bidens The budget proposal envisages reducing the US deficit by nearly $3 trillion over the next 10 years, exceeding the $2 trillion the government previously targeted.
“That’s almost a $6 trillion difference between the president’s budget and the congressional Republican agenda, which would add $3 trillion to the debt,” he said White House press secretary Karine Jean Pierre in a briefing.
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When asked about the rise in the number, Jean-Pierre refused to give details, which are set to be unveiled on March 9.
“I’ve talked about quadrupling the tax on corporate stock buybacks, which he’s mentioned in the past, getting the wealthy and big companies to pay their fair share without raising taxes on Americans who are less than… Making $400,000 and ending lavish special-purpose subsidies to advocacy groups like Big Pharma, those are things we talked about,” she said.
Tax the rich: Last month, Biden said his budget proposal would include some higher taxes, including for billionaires, but would not go against his promise not to raise interest rates for Americans earning less than $400,000 a year. The President had also criticized Republicans, saying their plans would skyrocket the deficit and increase it to more than $3 trillion over the next 10 years.
“My budget will require the wealthy to pay their fair share so the millions of workers who helped build that wealth can retire on the Medicare they paid into,” Biden tweeted Wednesday. “If the rich pay their fair share and we cut wasteful special interest spending, we can cut the deficit by $3 trillion, too.”
Analysts think the proposals are unlikely to find any quick support Capitolwhere control over congress is split between Democrats and Republicans, according to a Reuters report.
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