The US President wants to present further details of his budget plans this week.
(Photo: AP)
Washington According to government circles, US President Joe Biden’s budget plans will cut the national deficit by almost three trillion dollars within ten years. That would be far more than the $2 trillion trademarked by Biden in his State of the Union address in February. The new number was announced on Wednesday by a US government official who is privy to the plans. The AP news agency first reported on it.
Biden wants to give a comprehensive overview of his budget plans for the fiscal year beginning in October in Philadelphia on Thursday. The speech is about the upcoming presidential election in November 2024. Biden is expected to officially state his intention to run again as the Democratic nominee soon.
However, the focus on the deficit should also herald a new round in the budget dispute with the Republicans. The US is expected to hit its $31.4 trillion debt ceiling in the summer. In order to avert an insolvency of the world’s largest economy, the cap must be raised. However, the Republicans, who hold the majority in the US House of Representatives, must also give the go-ahead.
Subsidies for oil and gas companies are to be abolished
In return, they are demanding spending cuts. However, Biden refuses to link the debt dispute to budget concessions. The US President also wants to abolish subsidies for oil and gas companies. This is evident from documents for budget planning. In addition, Biden wants to remove subsidies from cryptocurrencies and cut tax breaks for top earners. There are also plans to increase penalties for violations of labor law.
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