MNI BRIEF: Biden Budget Aims To Trim Deficits Over Next Decade

President Joe Biden intends to propose a spending plan for the 2023 budget year that would cut projected deficits by more than USD1 trillion over the next decade, according to a fact sheet released Saturday by the White House budget office.

Biden's proposal for the budget year that begins October 1 and is expected Monday will project a USD1.4 trillion deficit this year, the largest one-year decline in U.S. history after a USD2.8 trillion deficit in fiscal year 2021 and a USD3.1 trillion deficit in 2020, the fact sheet said.

As part of his fiscal year 2023 budget, Biden is calling on Congress to pass legislation requiring the wealthiest 0.01% of households to pay a minimum of 20 percent on all of their income, including unrealized investment income that currently is untaxed, a separate fact sheet said, claiming it will reduce the deficit by USD360 billion over a decade.