The White House intends to cut the federal budget deficit by a total of $3 trillion over the next decade, a reduction that falls short of the $20 trillion in cuts required to balance the budget.
An unnamed senior White House official told the Associated Press on Wednesday that the commander-in-chief’s next budget proposal, which he is scheduled to unveil on Thursday, will decrease the deficit by $3 trillion over the next decade should lawmakers approve the plan. White House Press Secretary Karine Jean-Pierre confirmed the figure later on Wednesday and said that the proposal “shows the American people that we take this seriously.”
Biden had previously vowed during his State of the Union address that the budget proposal would lower the deficit by $2 trillion.
A recent report from the Congressional Budget Office concluded that the federal government is slated to spend $80 trillion in outlays between 2024 and 2033 while procuring $60 trillion in revenues over the same time horizon,…
