Biden’s Trillion-Dollar Deficit Reduction Barely Dents U.S. Debt

President Joe Biden’s budget request highlights shrinking cumulative deficits by more than $1 trillion over the next decade, but that barely makes a dent in the government’s ballooning debt.

Biden’s 10-year outlook still would rack up $14.4 trillion in deficits -- most of it on autopilot -- even after accounting for that $1 trillion in net deficit cuts from new policies like tax increases on the wealthy and corporations.

Joe Biden speaks about his budget for fiscal year 2023 in the State Dining Room of the White House on March 28.

Photographer: Ting Shen/Bloomberg

The budget request shows the U.S. spending $72.7 trillion over a decade while taking in $58.3 trillion in tax and other revenue. The resulting deficits would swell gross federal ...