Biden budget plan aims to cut deficit by nearly $3 trillion: official

U.S. President Joe Biden's budget proposal will aim to cut U.S. budget deficits by nearly 3 trillion U.S. dollars over 10 years, a Biden administration official familiar the plan said on Wednesday, far more than the 2 trillion U.S. dollars Biden had said he would aim for.

Biden, who intends to unveil his budget plan on Thursday, had floated the 2 trillion U.S. dollars deficit reduction figure during his State of the Union address in February.

The president will propose raising taxes on companies and people earning over 400,000 U.S. dollars a year in an effort to curb government red ink, while protecting Social Security, Medicare and Medicaid from cuts. Ultimately, it will be up to Congress, where Republicans control the House of Representatives, to write related budget legislation

(Reuters)