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Free AccessBiden Announces Challenge To GOP With "Fiscally Responsible" Budget
The White House has released a set of factsheets ahead of President Biden's presidential budget announcement later today - the first play in a government spending showdown which will unfold over the coming months.
- Biden positions his budget on "fiscal responsibility," saying, "while the previous Administration passed a nearly $2 trillion unpaid-for tax cut... dramatically increasing the deficit, President Biden cut the deficit by more than $1.7 trillion during his first two years in office."
- Biden claims his budget would cut the deficit by an additional USD$3 trillion through tax increases on corporations and wealthy households.
- Biden: "[Republicans] have consistently said that reducing the deficit is a top priority, Congressional Republicans have already proposed policies that would add an additional $3 trillion to the debt over the next decade..."
- Biden said the GOP, "owes the American people a detailed accounting of exactly what they plan to cut," and until such a plan is produced "we’re left to rely on a wide array of Republican budgets, statements, and proposals which provide clear and consistent evidence that many critical programs the American people count on will be on the chopping block."
- WH factsheet on reducing the deficit: LINK
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.