Biden outlines plans to cut U.S. deficit by $2 trillion over the next decade

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U.S. President Joe Biden is in Lanham, Maryland today where he will speak to the International Brotherhood of Electrical Workers Local Union 26 about the state of the economy and the threats that House Republicans and their policies pose to rank-and-file workers.

Wednesday’s speech is the latest in a string of public addresses he’s given on his plan to, in his words, “build an economy from the bottom up and the middle out.” Biden has made a point of speaking to union workers and highlighting jobs being created by his policies, like the Bipartisan Infrastructure Law, that don’t require four-year college degrees. The president visited a LIUNA Laborers’ Apprenticeship and Training Center in Wisconsin last week and a steamfitters hall in Virginia in late January.

Biden will bash Republican policies in Wednesday’s speech, a White House official told CNBC, arguing that the GOP plan would increase the debt by more than $3 trillion over the next decade, specifically benefitting the richest Americans, corporations and pharmaceutical companies.

Biden, in excerpts from his speech, will argue that his budget won’t include taxes on Americans making less than $400,000 a year and will ultimately cut the deficit by $2 trillion over the next decade. The president has yet to release his budget plan but has promised to by March 9.