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Biden budget to trim $1T from deficits over next decade

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Posted at 5:29 PM, Mar 26, 2022
and last updated 2022-03-26 17:29:11-04

WASHINGTON (AP) — President Joe Biden intends to propose a spending plan for the 2023 budget year that would cut projected deficits by more than $1 trillion over the next decade.

That's according to a fact sheet released Saturday by the White House budget office.

In his proposal expected Monday, the lower deficits reflect the economy’s resurgence as the United States emerges from the pandemic, as well as likely tax law changes 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.