WATCH LIVE: Biden to say GOP budget proposal would add $3 trillion to national deficit
Hailey Bullis
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President Joe Biden will deliver remarks Wednesday about his plan to reduce the national deficit, saying that the Republicans’ proposal would add $3 trillion to America’s debt over the next 10 years.
Biden’s speech will attempt to contrast his plan with the one Republicans are set to release, saying that when he introduces his “budget in a few weeks, you’ll see that people making less than $400,000 a year will not see a single penny increase in taxes, nor have they for the past two years.”
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Meanwhile, the president will argue that the Republicans’ budget would be a “massive giveaway to the super-rich, big corporations, and Big Pharma,” according to an advance release of his remarks. Biden is set to release his budget on March 9, which he says will cut the U.S. deficit by $2 trillion over the next 10 years.
House Speaker Kevin McCarthy (R-CA) met with Biden on Feb. 1 for negotiations about the debt ceiling limit before the United States defaults on its national debt sometime in June.
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“We have different perspectives. But we both laid out some of our vision of where we’d want to get to,” said McCarthy after the meeting. “And I believe, after laying them both out, I can see where we can find common ground.”
The president is scheduled to speak to the International Brotherhood of Electrical Workers Local Union 26 at 2:30 p.m. in Lanham, Maryland.