By Trevor Hunnicutt and Katharine Jackson
WASHINGTON (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, alleging the opposition’s plans would add $3 trillion to the debt.
Republicans have not yet published a budget, and the $3 trillion figure Jean-Pierre cited is a White House compilation of proposed Republican bills that does not take into account proposals to cut spending.
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. Jean-Pierre did not provide details about how the additional $1 trillion would be funded.
“This week, I’ll show Americans my full budget vision to invest in America, lower costs for families, and grow the economy without raising taxes on anyone making under $400,000,” Biden said on Twitter Wednesday. “I urge my Republican friends in Congress to do the same. Show the American people what you value.”
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, 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, Heather Timmons and Lisa Shumaker)
