Biden’s Budget Would Cut Deficits by $3 Trillion Over 10 Years, Raise Taxes on Businesses

President Biden will outline a plan to reduce federal budget deficits by nearly $3 trillion over the next decade and raise taxes on wealthy people and large corporations, kicking off monthslong spending negotiations with Republicans in Congress. Mr. Biden’s fiscal year 2024 budget plan, which will be released Thursday, will lay out his recommended funding levels for federal agencies and departments. He is expected to ask for more in defense spending than he requested last year and propose drug-policy changes and efforts to cut fraud and waste that the White House said would save hundreds of billions of dollars.