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.
In his proposal expected Monday, the lower deficits reflect the economy’s resurgence as the United States emerges from the pandemic, as well as likely tax law changes that would raise more than enough revenue to offset additional investments planned by the Biden administration. 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. Biden inherited from the Trump administration a budget deficit that was equal in size to 14.9% of the entire U.S. economy. But the deficit starting in the upcoming budget year will be below 5% of the economy, putting the country on a more sustainable path, according to people familiar with the budget proposal who insisted on anonymity to discuss forthcoming details.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Biden to propose minimum tax on billionaires as part of 2023 budgetU.S. President Joe Biden will propose a minimum tax on billionaires as part of the fiscal 2023 budget that is expected to be unveiled on Monday, a document released by the White House showed.
Weiterlesen »
President Joe Biden to propose new 20% minimum billionaire taxPresident Joe Biden is expected to propose a new minimum tax that would largely target billionaires, according to a document obtained by CNBC.
Weiterlesen »
Joe Biden Seeks to Lead 'Free World' at European MeetingsThe White House cast U.S. President Joe Biden as a man leading the free world as he began a series of summit meetings in Europe.
Weiterlesen »
President Biden touts western unity after emergency summits on Russia's invasion of Ukraine -SAN DIEGO (KUSI) – All eyes are on Brussels as president Joes Biden sends a firm message to Russian President Vladimir Putin that “NATO is as strong and united as it has ever been” in its efforts to support Ukraine. During the emergency summit held at NATO headquarters, world leaders unveiled the next phase to hit back at Moscow. Fresh...
Weiterlesen »