President Biden's Budget Proposal

SOURCE www.axios.com
President Biden's budget proposal includes $3 trillion in deficit reduction, focusing on tax increases for the ultra-rich. The U.S. is facing a large deficit, and the budget projects a decrease in the fiscal deficit by 2025. However, the plan relies on low short-term interest rates.

Key Points

  • Budget includes $3 trillion in deficit reduction
  • Proposes tax increases on corporations and families worth over $100 million
  • Projects a decrease in the fiscal deficit to 6.1% of GDP by 2025

Pros

  • Focuses on deficit reduction
  • Includes tax increases for billionaires and large corporations
  • Projects a decrease in the fiscal deficit by 2025

Cons

  • Relying on short-term interest rates to decrease deficit