Biden’s budget aims to reduce the deficit by nearly $3 trillion over 10 years.

The President suggested that raising taxes on the country’s wealthiest households could support government programs.

WASHINGTON. President Joe Biden’s upcoming budget proposal aims to reduce the deficit by nearly $3 trillion over the next decade, according to an administration official.

The deficit reduction goal is significantly higher than the $2 trillion Biden promised in his State of the Union address last month. It also contrasts sharply with Republicans in the House of Representatives, who have called for a balanced budget but have yet to propose a bill.

The White House is constantly questioning Republicans’ commitment to what it sees as a sustainable federal budget. Administration officials noted that various tax plans and other policies previously supported by GOP lawmakers would add more than $2.7 trillion to the national debt over 10 years.

Biden is set to discuss his budget proposal Thursday in Philadelphia. An official familiar with Biden’s budget plan was barred from public discussion of the matter prior to the president’s official announcement and spoke Wednesday on condition of anonymity.

This is a difficult time when the US economy is stretched to the limit due to high inflation. This summer, the government is likely to run out of its emergency measures to keep Washington open, risking payment defaults as well as a catastrophic streak of job losses that could bring down the economy.

Biden’s priority spending package is unlikely to pass the House or Senate as proposed. Senate Minority Leader Mitch McConnell, of Kentucky, said Tuesday the plan “will not see the light of day,” a sign that it could serve as a messaging document for the 2024 election first and foremost.

Republicans, who recently controlled the House of Representatives, are calling for drastic spending cuts. Biden suggested that raising income and stock taxes on the nation’s wealthiest households could support public finances as well as improve health care and welfare.

The president said in a speech on Monday that there are 680 billionaires in the United States and that many of them pay lower taxes than families who consider themselves to be middle class. Biden said he was not limited to the exact number of billionaires, but that they could afford to pay more for the good of the country.

“No billionaire should pay a lower tax rate than a firefighter – no one,” Biden said at a meeting of the International Firefighters Association.

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