President Biden will unveil his budget on Thursday, a proposal that the White House says would reduce the deficit by $3 trillion over 10 years.
Since Congress controls the purse strings — and Republicans control the House of Representatives — the plan is more of a political exercise than a practical roadmap for spending. Rather, it's an opening volley in a high stakes political fight over government funding and the debt ceiling, and is something that Biden can point to during what's expected to be a second run for the White House in 2024.
And even if Biden's budget plan did come to pass, it wouldn't be enough, Bixby said. Bixby noted that the Congressional Budget Office is projecting $20 trillion will be added to the national debt over that period, driven by an aging population, rising healthcare costs, higher interest rates on the debt and the compounding of tax cuts passed during the Trump administration.
Biden proposes to let Medicare negotiate prices for a broader range of prescription drugs. Some of this was allowed under last year's Inflation Reduction Act. Republicans have said they will work to extract spending cuts from the White House as a condition for raising the debt limit. They say spending is out of control.
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