SCOOP: President Biden plans to make deficit reduction a centerpiece of his 2024 budget and aims to pressure Republicans to focus on government revenue — not just spending.
This year's budget will take a similar tack, but with bigger goals.
“This president takes a backseat to nobody on deficit reduction," Shalanda Young, director of the Office of Management and Budget,The White House — and most of Washington — is preparing for a massive debate about the national debt. Both sides want to position themselves as a prudent steward of the country’s finances.In his State of the Union address, he goaded them into standing for his call to protect those programs from any cuts.
In last year's budget, he proposed spending $14.4 trillion more than the government planned to collect in revenue over 10 years. That pace of spending would bring the total debt to $44.8 trillion at the end of 2032. Interest payments on that debt would climb to $1.2 trillion a year by 2032, amounting to 3.3% of the projected GDP,
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Scoop: Biden's private sector liaison is leaving the White HouseThe White House director of private sector engagement Zach Butterworth is expected to depart tomorrow, a White House official told Axios.
Read more »
Inside global diplomacy with Baroness Catherine Ashton, former European Commission vice president \u2014 'Intelligence Matters'Ashton provides an insider's view of several high-stakes diplomatic engagements, including the early days of forging the Iran nuclear deal and the EU-brokered talks between Serbia and Kosovo.
Read more »
Inside Biden’s Post-SOTU Victory LapThe team of Hive all-stars came together after the 2023 State of the Union address to break down how President Biden commanded the room, owned the Republicans, and what this could reveal about what a Biden-Trump head-to-head could look like in 2024.
Read more »
President Biden’s anti-growth agendaE. J. Dionne writes in the Washington Post that President Biden will focus his State of the Union speech on “how to make the economy grow for everyone.” That’s a good topic. Unfortunately, Dionne’s column illustrates that Biden’s policies will not do that.
Read more »
Alabama officials repsond to President Biden’s State of the Union addressElected officials from all over the state weighed in on the Tuesday evening speech.
Read more »