Biden Lays Out $2 Trillion in Measures to Cut Deficits

“President Biden on Thursday will propose policies aimed at trimming federal budget deficits by at least $2 trillion over the next 10 years as his administration embraces the politics of debt reduction amid a fight with Republicans over raising the nation’s borrowing limit,” the New York Times reports.

“Mr. Biden’s plans, which will be detailed as part of his budget blueprint, are expected to rely heavily on a familiar batch of tax increases on corporations and high earners along with savings from some spending reductions, including efforts to save money on federal health care programs by expanding legislation he signed last year that allows Medicare to negotiate the price of certain prescription drugs.”

The Hill: Biden launches battle on Capitol Hill with call for Medicare tax hike.