US administration plans to cut country’s budget deficit by $3 trillion over ten years, reports TASSIt refers to an explanatory note on the draft US federal budget for the next fiscal year released by the White House.
The document says that for the first time in two years of Joe Biden’s presidency, the country’s budget deficit has decreased by $1.7 trillion. The fiscal year 2024 budget proposal calls for “an estimated $3 trillion deficit reduction over the next decade.”
It appears from the text that the administration plans to achieve such results through tax increases on the wealthy segments of the population and corporations, and by investing in the economy and protecting the most vulnerable segments of the population, while reducing household spending by US citizens.
It was previously reported that the US is planning fiscal 2024. to increase Defense spending rose 3.2% to $842 billion.