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Biden is on the right deficit reduction track [1]

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Date: 2023-02-10  

Hans Nichols,

By the numbers: Biden proposed a total of $5.8 trillion in spending in his fiscal 2023 budget, with a deficit of $1.2 trillion for the year. 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, according to the Congressional Budget Office.

Since Biden conversion therapy on Republican's attitude about Social Security and Medicare, he has been relentless in his pursuit of real deficit reduction. This Axios article is a great piece outlining Biden's approach to pressuring House Republicans to pass a clean debt ceiling increase bill and take real action on deficit reduction.

The problem with these articles is that they ignore the process of negotiating and treat an opening position as the “plan.” This is all leading somewhere and this is a good place to land, Biden should insist on reversing 45*’s 2017, $1.2 trillion tax cut as a part of any deficit reduction plan. Fourteen trillion dollar, ten year short fall gone!

*disgraced former president

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[1] Url: https://www.dailykos.com/stories/2023/2/10/2152285/-Biden-is-on-the-right-deficit-reduction-track

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