off-the-wire

UPDATE 2-Biden budget would cut deficit by nearly $3 trillion, White House says

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds White House press secretary statement) WASHINGTON, March 8 (Reuters) - President Joe Biden's budget proposal will aim to cut U.S. budget deficits by nearly $3 trillion over 10 years, the White House said on Wednesday, far more than the $2 trillion Biden had said he would aim for earlier. "That’s nearly a $6 trillion difference between the president’s budget and Congressional Republicans' agenda,” White House Press Secretary Karine Jean-Pierre said, saying the opposition’s plans would add $3 trillion to the debt.


Biden, who intends to unveil his budget plan on Thursday, had floated the $2 trillion deficit reduction figure during his State of the Union address in February. The Democratic president will propose raising taxes on companies and people earning over $400,000 a year in an effort to curb government red ink, while protecting Social Security, Medicare and Medicaid from cuts. "We see this as a value statement" about the future of the country, Karine Jean-Pierre said.


Ultimately, it will be up to Congress, where Republicans control the House of Representatives, to write related budget legislation.
(Reporting by Trevor Hunnicutt and Katharine Jackson; writing by Tim Ahmann; editing by Rami Ayyub and Heather Timmons)

Messaging: tim.ahmann.reuters.com@reuters.net))
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