Biden budget aims to cut deficits nearly $3T over 10 years

WASHINGTON (AP) — President Joe Biden’s upcoming budget proposal aims to cut deficits by nearly $3 trillion over the next decade. That word comes from an administration official who spoke on condition of anonymity before the president’s budget announcement Thursday (March 9, 2023). That deficit reduction goal is significantly higher than the $2 trillion that Biden had promised in his State of the Union address last month. It’s also a sharp contrast with House Republicans, who’ve called for a path to a balanced budget but have yet to offer a blueprint. The official says Biden also will propose cutting government spending that goes to major pharmaceutical and oil companies. The president’s package is unlikely to pass the House or Senate as proposed.