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The New York Times — Business — Debt Reduction — Federal Budget (US) — United States Politics and Government — Health Insurance and Managed Care

Biden Is Set to Detail Nearly $3 Trillion in Measures to Reduce Deficits

President Biden proposes policies to trim federal budget deficits by nearly $3 trillion over the next 10 years, relying on tax increases and spending reductions.

1 min read
  • President Biden proposes policies to trim federal budget deficits by nearly $3 trillion over the next 10 years.
  • Proposals include tax increases on corporations and high earners, and savings from spending reductions.
  • House Republicans have refused to raise the nation's debt limit unless Biden agrees to steep cuts in federal spending.
  • Biden will announce a new 25 percent tax on American households worth more than $100 million.
  • Biden will call for quadrupling a tax on stock buybacks and for partially reversing Trump's cuts for corporations.
Biden Is Set to Detail Nearly $3 Trillion in Measures to Reduce Deficits
The president’s proposals, included in the budget he will release on Thursday, are expected to heavily feature tax increases on corporations and high earners.
The New York TimesBy Jim Tankersley

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