A Biden administration insider familiar with the plan said on Wednesday that U.S. President Joe Biden’s budget proposal will attempt to reduce U.S. budget deficits by roughly 3 trillion dollars over 10 years, significantly more than the 2 trillion dollars Biden had stated he would aim for.

In his State of the Union address in February, Biden broached the idea of cutting the federal deficit by 2 trillion dollars. He plans to present his budget proposal on Thursday.U In an effort to reduce government spending while safeguarding Social Security, Medicare, and Medicaid from cuts, the president will propose raising taxes on businesses and individuals making above 400,000 U.S. dollars annually. Republicans control the House of Representatives, thus it will ultimately be up to Congress to draft relevant budget legislation.