Wednesday, March 29, 2023

Biden proposes budget that would cut the deficit by $3 trillion

The president of the United States, Joe Biden, will present tomorrow a budget project that seeks to reduce the public deficit by three trillion dollars over the next decade, the White House reported on Wednesday.

The proposal, which he will detail at an event in Philadelphia (Pennsylvania), raises the goal that Biden himself set during the last State of the Union address, when he promised to cut the deficit by $1.7 trillion.

The White House spokeswoman, Karine Jean-Pierre, explained that Biden’s plan is based on two pillars: that the rich and large corporations pay a “fair” amount in taxes and that the Administration reduce “unnecessary expenses” that they go to big pharma and oil companies.

This vision “contrasts” with that of the Republicans, whose economic policies would increase the deficit by three trillion dollars over the next 10 years, the spokeswoman said.

The Republican Party has controlled a majority of the US House of Representatives since last January and its legislators have vowed to block the president’s economic proposals.

Jean-Pierre insisted that the previous Administration, chaired by Republican Donald Trump (2017-2021), promoted “reckless” policies that reduced taxes.

Instead, he assured that Biden has a “responsible vision” of public accounts and during the two years he has been in office he has managed to reduce the deficit by US$1.2 trillion.

The Press Secretary defended that with Biden’s plans it will not be necessary to cut social programs such as the Medicare health plan, as the Republicans have proposed.

The president, he said, is “fighting for taxpayers” while “taking fiscal responsibility very seriously.”

The US Congressional Budget Office predicted in February that the country’s public debt will rise to 118% of the Gross Domestic Product (GDP) in the next ten years and that the deficit will increase by 18.8 trillion dollars.

The body attributed the increases to new legislation enacted and increases in spending on mandatory programs such as Social Security.


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