With the government at risk of defaulting, President Joe Biden will propose a federal budget that would cut deficits by nearly $3 trillion over the next decade.
, R-Ky., predicted in advance that the plan “will not see the light of day,” a sign that it might primarily serve as a messaging document going into the 2024 elections.
Biden's budget would seek to close the “carried interest” loophole that allows wealthy hedge fund managers and others to pay their taxes at a lower rate, and prevent billionaires from being able to set aside large amounts of their holdings in tax-favored retirement accounts, according to an administration official. The plan also projects saving $24 billion over 10 years by removing a tax subsidy for cryptocurrency transactions.
McCarthy told The Associated Press that his plan's release has been pushed back because Biden's proposal is only just being issued.
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