US President Joe Biden has said he plans to cut the US budget deficit by $1 trillion this year. If his plan becomes a reality, he will be the first president in the country's history to succeed.
Speaking to the US House of Representatives and Senate, Biden pledged to do his best to reduce the budget deficit. According to the president, the previous administration contributed to the deficit by cutting taxes for wealthy individuals and large corporations with high incomes. He also said that the supervisory bodies which oversee inefficient spending of pandemic relief funds had been disrupted. While harshly criticizing the work of his predecessors, Biden himself failed to present any plan to implement his ideas. However, this did not stop the American leader from making such a high-profile statement.
“By the end of this year, the deficit will be down to less than half what it was before I took office,” the head of state said.
