Biden reveals budget plan aimed at cutting deficits by $3T over next decade

He also aims to raise taxes on the high earners and corporations.

Photo by U.S. Embassy Jerusalem on Flickr / CC BY 2.0

On Thursday, the White House announced its upcoming budget proposal at a Philadelphia union hall. President Biden aims to cut deficits by nearly $3 trillion over the next decade.

The President mentioned allowing Medicare to negotiate on pharmaceutical drug prices, thus reducing the deficit by an estimated $160 billion in tax dollars.

This revised budget plan is significantly higher than the $2 trillion promised in Biden’s State of the Union address last month.

“My budget is going to give working people a fighting chance. It’s going to create good-paying jobs. And we can pay for these jobs by reducing the deficit two ways. Cutting $160 billion in Medicare expenses is one,” said Biden. “But we also have to ask the wealthiest and biggest corporations to begin to pay their fair share. And cutting subsidies for special interests.”

Biden said he hopes to increase the Medicare payroll tax on people making more than $400,000 per year, and plans for corporations to pay federal tax of 28 percent.

“There’s going to be a real fight on that, but we should be paying more than 21 percent,” he stated.

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Remarks by President Biden on his Budget for Fiscal Year 2024 | The White House