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Biden's trillion-dollar debt reduction barely dents U.S. debt
By Steven T. Dennis
Bloomberg News
Monday, March 28, 2022
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.
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