Biden to propose cutting the deficits by nearly $3 trillion

Mar 9, 2023, 7:00 AM
President Joe Biden, seen here in Baltimore, Maryland, on March 1, is set to call for at least $2 t...
President Joe Biden, seen here in Baltimore, Maryland, on March 1, is set to call for at least $2 trillion in deficit reduction when he lays out his budget in Philadelphia, advocating for raising taxes on the wealthy and corporations. Photo credit: Andrew Caballero-Reynolds/AFP/Getty Images

 (CNN) — President Joe Biden will propose cutting the deficits by nearly $3 trillion over the next decade in his budget blueprint, the White House announced on Wednesday.

“The president’s budget, which we will release tomorrow, will cut the deficit by nearly $3 trillion over the next 10 years. That’s nearly a $6 trillion difference between the president’s budget and congressional Republicans’ agenda, which would add $3 trillion to the debt,” White House press secretary Karine Jean-Pierre told reporters at Wednesday’s briefing.

Those cuts, Jean-Pierre said, will be paid for by tax reforms aimed at the wealthy and large corporations, as well as cuts to “wasteful spending on special interests, like Big Oil and Big Pharma.”

She went after former President Donald Trump’s fiscal policy, including what she described as a “reckless and unpaid tax handout for the wealthy and large corporations, which added nearly $2 trillion to the deficit.”

The deficit reduction will be a central part of Biden’s budget proposal and a symbolic marker as the president approaches the showdown with House Republicans over the looming debt ceiling crisis.

The White House’s new deficit-cutting figure is aimed squarely at the House GOP, who have said they will not agree to raise the debt ceiling later this year unless the White House negotiates spending cuts.

The White House has said the two should proceed on separate tracks and that raising the debt ceiling is non-negotiable. Administration officials have argued that a combination of the proposals backed by some GOP lawmakers would add more than $2.7 trillion to the national debt.

Biden had said as recently as last week that his budget proposal would cut the deficits by $2 trillion, a figure he first announced last month during his State of the Union address.

“The plan I’m going to show you is going to cut the deficit by another $2 trillion. And it won’t cut a single bit of Medicare or Social Security. In fact, we’re going to extend the Medicare Trust Fund at least two decades,” Biden said.

He continued, “I will not raise taxes on anyone making under $400,000. But we’ll pay for it the way we talked about tonight: By making sure that the wealthy and big corporations pay their fair share.”

Biden’s budget will also in part focus on expanding access to affordable childcare and investments in early education, proposing a boost in federal funding for childcare by billions of dollars and offering free preschool education for the approximately 4 million 4-year-olds in the country, according to an administration official. It is also expected to expand tax credits for businesses that offer childcare benefits to workers.

The administration has made a notable push on this front during Biden’s first two years in office. Last week, for example, the Commerce Department announced that companies that apply to receive federal funding for semiconductor manufacturing would be required to demonstrate how they would provide workers with access to childcare.

More details on Biden’s budget are expected in the coming days as the administration begins its rollout.

The budget is unlikely to become law — presidential budgets rarely pass through Congress untouched — but it is an important marker for Biden’s political future that will be shaped by the fight over the debt limit and his expected reelection announcement later this spring.

Biden has offered up several revenue-raising proposals that could help him reach his deficit reduction goals, including a new tax on households worth more than $100 million and quadrupling the tax on stock buybacks.

He has also proposed cost-saving measures, such as expanding Medicare’s ability to negotiate the price of certain prescription drugs.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories


Jason Sudeikis attends the Apple Original Series "Ted Lasso" Season 3 Red Carpet Premiere at Westwo...
Arlette Saenz, CNN

Jason Sudeikis and ‘Ted Lasso’ cast will meet with Biden for mental health discussion

A White House official said the meeting will focus on discussing "the importance of addressing your mental health to promote overall wellbeing."
7 hours ago
Bruce Willis and Emma Heming (Photo by Michael Buckner/Variety/Penske Media via Getty Images)...
Alli Rosenbloom, CNN

Bruce Willis’ wife Emma Heming marks his birthday with moving message about grief

Originally Published: 19 MAR 23 15:46 ET Updated: 19 MAR 23 19:04 ET     (CNN) — As Bruce Willis turned 68 on Sunday, his wife Emma Heming marked the day with a candid message about caring for someone living with frontotemporal dementia (FTD). Related: Bruce Willis is diagnosed with aphasia. A USU expert explains what that […]
7 hours ago
A damaged car and rubble from a house affected by the earthquake are pictured in Cuenca, Ecuador. M...
Maija Ehlinger, Marlon Sorto, Abel Alvarado and Heather Chen, CNN

At least 13 dead after magnitude 6.8 earthquake shakes Ecuador

At least 13 people died after a magnitude 6.8 earthquake struck southern Ecuador on Saturday afternoon.
1 day ago
The FDA and CDC are investigating an outbreak of hepatitis A virus infections linked to frozen orga...
Brenda Goodman, CNN

Frozen strawberries sold at Costco, Trader Joe’s and Aldi recalled after hepatitis A infections

Frozen organic strawberries sold at multiple stores are being recalled after they were tied to an outbreak of hepatitis A infections in Washington state.
3 days ago
This photo taken from video released on Thursday, March 16, 2023, shows a Russian Su-27 approaching...
Oren Liebermann, CNN

US releases footage of Russian fighter jet forcing down drone over Black Sea

A senior Biden administration official said the footage "absolutely confirms" that there was a physical collision and dumping of fuel, but it does not confirm the pilot's intent.
4 days ago
The failure of Silicon Valley Bank put increased scrutiny on the long-struggling Credit Suisse. Pho...
Allison Morrow, CNN

Why banking fears just came roaring back

   (CNN) — Credit Suisse, the giant, 167-year-old European bank, was teetering on the brink of failure Wednesday, stoking anxieties about the health of the global financial system. (And frankly giving markets reporters whiplash as sentiment went from “holy-crap-sell” on Monday, to “everyone chill” on Tuesday, and back to freakout mode by Wednesday…) After the bank’s […]
4 days ago

Sponsored Articles

Skier being towed by a rider on a horse. Skijoring....
Bear Lake Convention and Visitors Bureau

Looking for a new winter activity? Try skijoring in Bear Lake

Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and gates.
Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five common causes of Cervical Cancer – and what you can do to lower your risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get ready for fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy.
happy friends with sparklers at christmas dinner...

15 easy Christmas dinner ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy.
Spicy Homemade Loaded Taters Tots...

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
Happy joyful smiling casual satisfied woman learning and communicates in sign language online using...

The Best Tools for Deaf and Hard-of-Hearing Workplace Success

Here are some of the best resources to make your workplace work better for Deaf and hard-of-hearing employees.
Biden to propose cutting the deficits by nearly $3 trillion