Biden's Budget To Cut Deficit By USD$3 Trillion

AP has reported that President Biden's budget will aim to cut the federal deficit by nearly USD$3 trillion over the next decade.

• AP: "That deficit reduction goal is significantly higher than the [USD]$2 trillion that Biden had promised in his State of the Union address last month. It also is a sharp contrast with House Republicans, who have called for a path to a balanced budget but have yet to offer a blueprint."
• Biden will release his budget at a campaign style event tomorrow in Philadelphia, Pennsylvania where Biden will argue that his budget represents fiscal responsibility and challenge the GOP to release their alternative.
• Senate Minority Leader Mitch McConnell (R-KY) said yesterday that the Republican-controlled House will block any tax hikes in President Biden’s budget.
• McConnell: “Thank goodness the House is Republican. Massive tax increases, more spending, all of which, the American people can thank the Republican House for, will not see the light of day.”
• According to a White House preview, Biden’s budget will include a plan to extend Medicare solvency by 25 years with taxes targeting those earning over USD$400k.