Biden vows to cut US budget deficit by $1.5 trillion

US President Joseph Biden

US President Joseph Biden

©Yuri Gripas / Consolidated News Photos / Global Look Press

During the presidency of Donald Trump, the US federal budget deficit has increased every year, but in 2022 the White House aims for a record reduction in the deficit. This was announced on Sunday, May 15, by the current head of the United States, Joe Biden.

As Biden clarified on social networks, the US authorities intend to reduce the US budget deficit by a record $1.5 trillion this year. This step will be one of the most tangible measures to reduce inflation, quotes the President of the United States RBC.

At the same time, Joe Biden did not say exactly in what ways he is going to save the American budget such a significant amount.

In March, US inflation jumped to 8.5%, the highest in almost 40 years. In April, the growth rate slowed down to 8.3%.

Earlier, the White House said that reducing the state budget deficit by $ 360 billion over the next 10 years will help income tax hike for the richest Americans. Those with assets worth more than $100 million can pay income tax at a rate of 20%.

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