Biden is set to detail $3 trillion in measures to reduce deficits
March 9, 2023
WASHINGTON - President Joe Biden on Thursday will propose policies aimed at trimming federal budget deficits by $3 trillion over the next 10 years as his administration embraces the politics of debt reduction amid a fight with Republicans over raising the nation's borrowing limit, a senior administration official said Wednesday.
Biden's plans, which will be detailed as part of his budget blueprint, are expected to rely heavily on a familiar batch of tax increases on corporations and high earners along with savings from some spending reductions. These include efforts to save money on federal health care programs by expanding legislation he signed last year that allows Medicare to negotiate the price of certain prescription drugs.
The president faces pressure from Republicans, who won control of the House last fall, to alter the nation's fiscal path. House Republicans have refused to raise the nation's debt limit, which caps how much money the federal government can borrow, unless Biden agrees to steep cuts in federal spending.