With the government at risk of defaulting, President Joe Biden on Thursday will make his opening offer in a high-stakes debate over federal finances as he proposes a federal budget that would cut deficits by nearly $3 trillion over the next decade.
It's part of a broader attempt by the president to call out House Republicans, who are demanding severe cuts to federal spending in return for lifting the government's legal borrowing limit. But the GOP has no counter offer so far, other than a flat “no” to a budget plan that could form the policy spine of Biden's yet-to-be-declared campaign for reelection in 2024.
