White House Says Biden's New Budget Would Cut Deficit By $3Trlin In 10 Years

WASHINGTON (UrduPoint News / Sputnik - 09th March, 2023) The White House on Wednesday said the new budget President Joe Biden will unveil this week would cut the deficit by almost three trillion over the next decade.

"The President's budget which we will release tomorrow will cut the deficit by nearly $3 trillion over the next 10 years," White House Press Secretary Karine Jean-Pierre said at a press briefing.

Biden will present the draft budget for next year on Thursday during a visit to Philadelphia, Pennsylvania.

Jean-Pierre said the budget will propose tax reforms to ensure the wealthy and large corporations pay their fair share, while cutting wasteful spending on special interest interests "like big oil and Big Pharma.

"

According to US media reports, the draft budget proposal is unlikely to be enacted since the Republicans control the US House of Representatives.

Biden during his state of the union speech in early February said he would cut the deficit by $2 trillion without touching social welfare programs like medicare and social security, benefits many Republicans have been looking to cut for years. Biden also said nobody earning less than $400,000 per year would pay an additional "penny" in taxes.