President Joe Biden’s budget proposal on Thursday will aim to cut U.S. deficits by nearly $3 trillion over 10 years, far more than the $2 trillion the administration previously targeted.
The Democratic president will propose raising taxes on companies and people earning over $400,000 a year in an effort to curb government red ink, while protecting Social Security, Medicare and Medicaid from cuts.
“It proposes tax reforms to ensure the wealthy and large corporations pay their fair share while cutting wasteful spending on special interest interests, like Big Oil and Big Pharma,” White House spokesperson Karine Jean-Pierre told reporters on Wednesday.
Biden, who intends to unveil his budget plan with an unusually prominent roll-out in political swing-state Pennsylvania, had floated the $2 trillion deficit reduction figure during his State of the Union address last month.
Jean-Pierre did not provide details about how the additional $1 trillion would be funded, though the administration is expected to propose additional tax hikes on wealthy Americans and corporations.
Analysts said it was unlikely that the proposals would win quick support on Capitol Hill, where control of Congress is divided between Democrats and Republicans.
“This week, I’ll show Americans my full budget vision to invest in America, lower costs for families, and grow the economy without raising taxes on anyone making under $400,000,” Biden said on Twitter Wednesday. “I urge my Republican friends in Congress to do the same. Show the American people what you value.”