Posted on 03/29/2022 4:40:17 AM PDT by Oldeconomybuyer
WASHINGTON (AP) — President Joe Biden’s $5.8 trillion budget for next year would trim federal deficits and boost taxes on the wealthiest Americans. Both could appeal to Sen. Joe Manchin amid Democratic hopes of reviving talks with him over the party’s derailed social and environment plan.
The question is whether this time, the pivotal West Virginia Democrat can be wooed to craft a scaled-down version of his party’s roughly $2 trillion, 10-year package. Before Christmas, Manchin sank that plan, which had already passed the House, saying it would fuel inflation and deepen deficits.
Biden and his aides touted his budget, unveiled Monday, as focusing on fiscal responsibility, security at home and overseas and investments in social programs to help families afford housing, child care, health care and other costs.
Its stream of new revenue helps Biden assert that his plan would reduce deficits by over $1 trillion over the coming decade — a goal that wasn’t emphasized last year. Just over two-thirds of the deficit cuts would come in the plan’s final five years, though, postponing the most painful reductions and suggesting they might never happen.
(Excerpt) Read more at apnews.com ...
Spending 6 TRILLION will CUT THE DEFICIT??? HAHAHAHAHAHAHAHAHA!!
Reducing deficits..... Simply put “I’m going to overdraw my bank account a little less this year”.
All this fake drama so Biden can damage the economy even more with BBB.
And our GOP will play dead so no one says anything bad about them.
Funny how their excuse under Obama is they didn’t want to look racist.
Looks like Manchin is really a Democrat. He doesn’t care about the people of W Va. Hope W Va people realize this.
Gaslighting 101. They figure everyone is an idiot when all it takes is a basic understand of economics to show what a hot pile of dogcrap todays media is.
He will ‘tax the rich’, the rich will find a way around it.... or pass it on to customers and voila....more deficit.
More liberal propaganda from the Ass. Press.
Would a Trump budget be a whole lot different in terms of deficit?
Cut the deficit? LOL. The budget assumes a 2% inflation rate.
The only way a 5.8 trillion dollar budget over a year is going to reduce the deficit is to use all 5.8 trillion dollars to pay down the National Debt. Most of each annual deficit expense is the interest on the debt.
Well, how bout this.......
Using new money, the government pays off old high interest loans and then reborrows at a lower rate. The savings does infact reduce overall spending and thus cuts the deficit.
The premium paid when buying the old debt would likely eat up any savings from the new debt.
Well, just a thought.
And not a bad one. It'd be nice if it was as easy as that.
If you’re not working to become debt free, what are you really working for?
The government will not ever be debt free and has no need to do so.
However, reduction of the debt and reduced spending are worthwhile but politically impossible.
Indeed to the democrats voter it sounds like it always works but to the sane it’s a no sale event.
Five point eight trillion!!!!😳
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