In Philadelphia this week, the president is expected to unveil his proposed budget in form of political messaging, not just an outline of the government’s finances.
His proposal is in some ways far more ambitious than what he proposed in 2021, when his budget would have reduced the debt by $1 trillion over 10 years relative to projections.
House Budget Committee Chairman Jodey Arrington, R-Texas, put out a list of more than $750 billion worth of possible spending cuts in February. Atop the list was repealing Biden's executive order providing some student debt forgiveness, which would restore roughly $400 billion to the federal coffers.
Phillip Swagel, director of the nonpartisan Congressional Budget Office, issued guidance on Monday saying that projected deficits would need to be cut by $5 trillion during the next decade to match the 50-year historical average. As Swagel outlined it, the political tradeoffs are clear. There could be $670 billion to $1.2 trillion that could be raised by removing the caps on the payroll taxes that fund Social Security. But the GOP opposes tax hikes and the increase would violate Biden's promise to only raise taxes on those earning more than $400,000.
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