Biden proposes budget to cut federal deficit

President Joe Biden proposed a budget Thursday that promises to cut the federal deficit by nearly $3 trillion over the next decade. Biden and other Democrats have called out House Republicans for not proposing a budget of their own, even after they’ve demanded spending cuts to reduce the federal deficit.

How is Biden planning to reduce the deficit by that much? The budget largely relies on raising taxes on Americans who make more than $400,000 per year to raise roughly $4.7 trillion, and government program changes are intended to save $800 billion more. Biden and other Democrats are expressing doubt that Republicans can reduce spending by quite as much. Republicans say that they’ll review Biden’s proposal before they’ll issue their own.

Dig deeper: Listen to Leo Briceno’s report on the World and Everything in It about the battle between Democrats and Republicans over the government’s deficit.