https://sputnikglobe.com/20230315/white-house-says-us-inflation-too-high-administration-focused-on-lowering-costs-1108425359.html
White House Says US Inflation Too High, Administration Focused on Lowering Costs
White House Says US Inflation Too High, Administration Focused on Lowering Costs
Sputnik International
The Biden administration will maintain a focus on addressing rising costs in the United States due to a continued belief that inflation is too high, White House Office of Management and Budget Director Shalanda Young said on Wednesday.
2023-03-15T15:24+0000
2023-03-15T15:24+0000
2023-03-15T15:24+0000
americas
us
economy
budget deficit
debt ceiling
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US President Joe Biden’s proposed budget for fiscal year 2024 has many policies to bring down healthcare and energy costs, Young said. Biden’s budget proposal focuses on investing in the US, lowering costs for families, reducing the deficit and bolstering Medicare and Social Security, Young said. The budget would also ensure no one earning less than $400,000 per year will pay more in new taxes, Young said. Biden’s budget comes as the US approaches its debt ceiling, risking a default on the country’s financial obligations if Congress does not raise its borrowing limit. Biden’s budget seeks to reduce the deficit by nearly $3 trillion in the next decade, Young said. However, Republican lawmakers have criticized Biden’s budget for not cutting government spending as part of its economic strategy. In response, Biden has called on Republicans to release their own budget proposal.
https://sputnikglobe.com/20230310/bidens-proposed-2024-budget-will-prompt-national-debt-to-balloon-nearly-twofold-watchdog-warns-1108251071.html
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white house, inflation in us, soaring inflation, rising costs
white house, inflation in us, soaring inflation, rising costs
White House Says US Inflation Too High, Administration Focused on Lowering Costs
WASHINGTON (Sputnik) - The Biden administration will maintain a focus on addressing rising costs in the United States due to a continued belief that inflation is too high, White House Office of Management and Budget Director Shalanda Young said on Wednesday.
"Inflation is too high. American families are paying too much, and we have to keep our foot on the pedal to bring down costs," Young said during a Senate Budget Committee hearing.
US President Joe Biden’s proposed budget for fiscal year 2024 has many policies to bring down healthcare and energy costs, Young said.
Biden’s budget proposal focuses on investing in the US, lowering costs for families, reducing the deficit and bolstering Medicare and Social Security, Young said.
The budget would also ensure no one earning less than $400,000 per year will pay more in new taxes, Young said.
Biden’s budget comes as the US approaches its debt ceiling, risking a default on the country’s financial obligations if Congress does not raise its borrowing limit. Biden’s budget seeks to reduce the deficit by nearly $3 trillion in the next decade, Young said.
However, Republican lawmakers have criticized Biden’s budget for not cutting government spending as part of its economic strategy. In response, Biden has called on Republicans to release their own budget proposal.
