Biden’s Budget Sets Up Battle With GOP, Would Cut Deficits by $3 Trillion Over 10 Years

President Biden proposed a $6.9 trillion budget that calls for reducing deficits and raising taxes on wealthy people and large corporations, detailing a policy vision that isn’t expected to gain momentum in Congress, but is an opening salvo in spending talks with Republicans.

Mr. Biden’s fiscal year 2024 budget plan, released Thursday, calls for an increase over the roughly $6.4 trillion that the White House expects the federal government to spend this fiscal year. It would reduce federal budget deficits by nearly $3 trillion over the next decade, the White House said.

Mr. Biden’s proposed spending and tax increases will face an unfriendly reception in Congress, where the Republicans who control the House have called for unspecified spending cuts as a condition of raising the federal debt limit. The president has said he won’t negotiate over raising the debt ceiling.