Joe Biden aims to reduce US deficit by ‘nearly $3 trillion’ in 10 years

Joe Biden aims to reduce US deficit by ‘nearly $3 trillion’ in 10 years

Joe Biden speaking to the International Association of Fire Fighters. LEAH MILLIS / REUTERS

This draft budget “reveals the values ​​of the president”, insisted the spokesperson for the White House, Karine Jean-Pierre.

The draft budget that Joe Biden will present on Thursday “reduce the deficit by nearly $3 trillion over the next ten years“said his spokeswoman Karine Jean-Pierre on Wednesday. In 2022, the world’s leading power ran a federal deficit of $1.38 trillion, according to the Treasury Department.

Karine Jean-Pierre declared that the American president, whose projects will come up against a Congress partly dominated by the opposition, intends to achieve this objective by increasing taxation “wealthy and big business while cutting wasteful spending for special interests such as the pharmaceutical and oil giants“. Joe Biden had already mentioned in February a project for a tax on billionaires, which however has little or no chance of succeeding in Congress.

This draft budgetreveals the values ​​of the president“Insisted the spokeswoman, after Joe Biden has already promised not to touch social benefits, and even to strengthen the health insurance system for Americans over 65 on the contrary. According to the Washington Post, the Democratic president also intends to increase the salaries of federal civil servants by 5.2%, which would be the largest increase in more than forty years.

The spokeswoman estimated that the projects of the Republicans, in the majority in the House of Representatives, would lead on the contrary to an increase of 3000 billion in the deficit. This battle of figures is likely to be one of Joe Biden’s campaign axes, if he embarks, as he intends and as everything seems to indicate, in a campaign for the presidential election. of 2024.

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