{"id":1872063,"date":"2023-03-08T16:42:37","date_gmt":"2023-03-08T21:42:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-wants-to-cut-3-trillion-in-spending-over-the-next-decade-america-needs-20-trillion-in-cuts-to-balance-the-budget\/"},"modified":"2023-03-08T16:43:08","modified_gmt":"2023-03-08T21:43:08","slug":"biden-wants-to-cut-3-trillion-in-spending-over-the-next-decade-america-needs-20-trillion-in-cuts-to-balance-the-budget","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-wants-to-cut-3-trillion-in-spending-over-the-next-decade-america-needs-20-trillion-in-cuts-to-balance-the-budget\/","title":{"rendered":"Biden Wants To Cut $3 Trillion In Spending Over The Next Decade. America Needs $20 Trillion In Cuts To Balance The Budget."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">44<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-wants-to-cut-3-trillion-in-spending-over-the-next-decade-america-needs-20-trillion-in-cuts-to-balance-the-budget%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1872063&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p> The <a href=\"http:\/\/dailywire.com\/topic\/biden-administration\" target=\"_blank\" rel=\"noopener\">White House<\/a> The federal budget will be reduced <a href=\"http:\/\/dailywire.com\/topic\/national-debt\" target=\"_blank\" rel=\"noopener\">budget deficit<\/a> By a sum of $3 trillion, over the next ten years. This is a decrease that does not reach the required $20 trillion cuts to balance our budget.<\/p>\n<p>Unnamed White House senior official <a href=\"https:\/\/apnews.com\/article\/biden-budget-deficit-trillion-republicans-economy-810ff80dcd8812f2138eef571f2444f3\" target=\"_blank\" rel=\"noopener\">told<\/a> According to the Associated Press, Wednesday&#8217;s budget proposal by the commander-in chief, which he plans to present on Thursday, would decrease deficit by $3 trillion over 10 years if approved and implemented by lawmakers, according the Associated Press. White House Press Secretary Karine Jean-Pierre said Wednesday that the number was confirmed by the White House. &#8220;shows the American people that we take this seriously.&#8221;<\/p>\n<p>Biden had previously <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2023\/02\/07\/remarks-of-president-joe-biden-state-of-the-union-address-as-prepared-for-delivery\/\" target=\"_blank\" rel=\"noopener\">vowed<\/a> During his State of the Union Address, he stated that the budget proposal would reduce the deficit by $2 trillion.<\/p>\n<p>The most recent <a href=\"https:\/\/www.cbo.gov\/publication\/58946\" target=\"_blank\" rel=\"noopener\">report<\/a> The Congressional Budget Office found that between 2024-2033, the federal government will spend $80 trillion on outlays and $60 trillion in revenue. This means that there is a potential for $20 trillion of new deficits. Therefore, the White House&#8217;s plan to reduce the deficit would result in a 15% reduction.<\/p>\n<p>&#8220;The ongoing deficits are the result of a mismatch between government spending and tax revenue,&#8221; Erica York, Senior Economist at Tax Foundation said this in a recent <a href=\"https:\/\/taxfoundation.org\/federal-budget-deficit-taxes\/\" target=\"_blank\" rel=\"noopener\">analysis<\/a>. &#8220;While revenue and spending as a share of GDP will meet or exceed their historical averages, spending growth outpaces revenue growth, leading to persistent deficits. Growing costs for interest, health-care programs, and Social Security drive the relative rise in spending.&#8221;<\/p>\n<p>President Joe Biden, and House Speaker Kevin McCarthy (R. CA) are currently at the table <a href=\"https:\/\/www.dailywire.com\/news\/congressional-budget-office-reveals-when-government-will-run-out-of-cash\" target=\"_blank\" rel=\"noopener\">negotiating<\/a> After the debt ceiling was imposed by Congress to limit the nation&#8217;s debt, it became a arbitrary debt ceiling that exceeded the legal limit of $31.4 trillion set earlier in the year. Every official stated they would not be considering reforms to Medicare or Social Security, raising concerns. <a href=\"https:\/\/www.dailywire.com\/news\/sparing-the-sacred-cow-republicans-and-democrats-refuse-to-touch-social-security-as-debt-crisis-looms\" target=\"_blank\" rel=\"noopener\">questions<\/a> The question of whether it will be possible to make meaningful spending cuts is important because the budgets for these programs comprised 46% during the fiscal year that ended in February, according to <a href=\"https:\/\/fiscaldata.treasury.gov\/americas-finance-guide\/federal-spending\/\" target=\"_blank\" rel=\"noopener\">data<\/a> The Treasury Department.<\/p>\n<p>Biden consistently stated that tax increases would not be made on incomes below $400,000 per annum. He also indicated in his State of the Union Address that he will increase taxes for households of high income and large corporations to reduce the deficit. &#8220;I will pay for the ideas I&#8217;ve talked about tonight by making the wealthy and big corporations begin to pay their fair share,&#8221; He made a comment. &#8220;Big corporations aren&#8217;t just taking advantage of the tax code. They&#8217;re taking advantage of you.&#8221;<\/p>\n<p>So, it was the White House <a href=\"https:\/\/www.dailywire.com\/news\/some-people-can-expect-medicare-tax-increases-under-next-biden-budget\" target=\"_blank\" rel=\"noopener\">said<\/a> The budget proposal proposed Tuesday to raise the investment income tax to pay Medicare funding from 3.8% to 5.5% for those earning over $400,000 annually. &#8220;Since Medicare was passed, income and wealth inequality in the United States have increased dramatically,&#8221; The White House concurred. &#8220;By asking those with the highest incomes to contribute modestly more, we can keep the Medicare program strong for decades to come.&#8221;<\/p>\n<p>Republicans and Democrats are having a debate about fiscal policy, as the nation&#8217;s debt exceeds $31.5 Trillion and the government is facing a budget crisis <a href=\"https:\/\/www.dailywire.com\/news\/congressional-budget-office-reveals-when-government-will-run-out-of-cash\" target=\"_blank\" rel=\"noopener\">insolvency<\/a> In the coming months. Federal spending is on the rise <a href=\"https:\/\/www.dailywire.com\/news\/national-debt-surpasses-31-trillion-for-the-first-time-republicans-and-democrats-both-to-blame\" target=\"_blank\" rel=\"noopener\">occurred<\/a> Both major parties control the administrations.<\/p>\n<p><\/p>\n<hr>\n<p>&#8220;From <a href=\"https:\/\/www.dailywire.com\/news\/biden-wants-to-cut-3-trillion-in-spending-over-the-next-decade-america-needs-20-trillion-in-cuts-to-balance-the-budget\">Biden Wants To Cut $3 Trillion In Spending Over The Next Decade. America Needs $20 Trillion In Cuts To Balance The Budget.<\/a>&#8220;<\/p>\n<hr>\n<p><span style=\"font-size:11px\"><em>&#8220;The views and opinions expressed here are solely those of the author of the article and not necessarily shared or endorsed by Conservative News Daily&#8221;<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House The federal budget will be reduced budget deficit By a sum of $3 trillion, over the next ten years. This is a decrease that does not reach the required $20 trillion cuts to balance our budget. Unnamed White House senior official told According to the Associated Press, Wednesday&#8217;s budget proposal by the &hellip;<\/p>\n","protected":false},"author":99,"featured_media":1891084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[11456,5374,7956,3620,4463,9677,3862,11972,3834],"class_list":["post-1872063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-11456","tag-america","tag-balance","tag-biden","tag-budget","tag-cut","tag-cuts","tag-decade","tag-spending"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1872063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1872063"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1872063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1891084"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1872063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1872063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1872063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}