WASHINGTON (AP) — President Joe Biden plans to propose a fiscal 2023 budget Monday that would cut projected deficits by more than $1 trillion over the next decade, according to documents obta…
By Josh Boak | Associated Press
The lower deficits reflect the economy’s resurgence as the U.S. emerges from the pandemic, as well as likely changes to the tax code 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 budget proposal 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 pinned the blame solely on Biden’s coronavirus relief as well as his push to move away from fossil fuels.
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