Biden's Budget Proposal Aims To Cut Deficit By $3 Trillion: 'Will Ask That Rich Pay Their Fair Share'

President Joe Biden's budget proposal intends to reduce the U.S. deficit by nearly $3 trillion over the next 10 years, surpassing the $2 trillion figure the administration aimed for earlier.

"That's nearly a $6 trillion difference between the President's budget and congressional Republicans' agenda, which would add $3 trillion to the debt," said White House Press Secretary Karine Jean-Pierre in a briefing.

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On being asked about the increase in the figure, Jean-Pierre refused to divulge specifics that are set to be unveiled on March 9.

"I did talk about quadrupling the tax on corporate stock buybacks is something that he's already mentioned in the past, making the wealthy and big corporations pay their fair share without raising taxes on Americans that are making less than $400,000, and ending wasteful subsidies for special interest groups like Big Pharma, which is — which are things that we have talked about," she said.

Taxing Rich: Last month, Biden indicated his budget proposal will consider some higher taxes, including on billionaires, but will not go against his pledge not to raise rates on Americans making less than $400,000 a year. The President had also criticized the Republicans saying their plans would explode the deficit, increasing it to more than $3 trillion over the next 10 years.

"My budget will ask that the rich pay their fair share so the millions of workers who helped build that wealth can retire with the Medicare they paid into," Biden tweeted on Wednesday. "If the wealthy pay their fair share and we cut wasteful spending on special interests, we can also lower the deficit by $3 trillion.”

Analysts believe it was unlikely the proposals would win quick support on Capitol Hill, where control of Congress is divided between Democrats and Republicans, a Reuters report said.

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