President Joe Biden intends to propose a spending plan for the 2023 budget year that would cut projected deficits by more than $1 trillion over the next decade, according to a fact sheet released Saturday by the White House budget office.
WASHINGTON — President Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade, according to a fact sheets released Saturday by the White House budget office.
In his proposal expected Monday, the lower deficits also reflect the economy's resurgence as the United States emerges from the pandemic. It's a sign that the government's balance sheet will improve after a historic burst of spending to combat the coronavirus. For the Biden administration, the proposal for the budget year that begins Oct. 1 shows that the burst of spending helped to fuel growth and put government finances in a more stable place for years to come as a result. One White House official, insisting on anonymity because the budget has yet to be released, said the proposal shows that Democrats can deliver on what Republicans have promised before without much success: faster growth and falling deficits.
Senate Republican leader Mitch McConnell of Kentucky pinned the blame solely on Biden's coronavirus relief as well as his push to move away from fossil fuels.
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