Biden budget aims to shave trillions from US deficit
United States House Republicans and Democrats show no sign of surrendering their partisan positions after a briefing on the nation's $US31 ($A47) trillion debt before President Joe Biden unveils his 2024 spending plan.
Biden said his proposal would cut the nation's deficit by almost $US3 ($A4.6) trillion across 10 years, although it relies on tax increases to do so, while Republicans want sharp cuts to domestic spending.
The closed-door meeting for House of Representatives members was meant to establish a common set of facts for the debate from the director of the nonpartisan Congressional Budget Office, Phillip Swagel, who has warned the federal debt will surpass the size of the US economy within the next decade if no steps are taken.
"It's important for members of both parties to get the information and be able to process it together," Republican Mike Lawler said.
"We're not always going to agree, obviously, but frankly, I think that's part of the problem in Washington.
"There's not enough opportunity to do these things together."
Republicans hold a majority in the House while Democrats control the Senate.
The White House said Biden's budget is expected to extend the life of the Medicare healthcare plan for Americans age 65 and older, while raising taxes on billionaires and other high-income individuals.
Republicans are expected to follow up by April 15 and have been eying $US150 billion ($A228 billion) in cuts to non-defence discretionary programs for 2024 that would reset spending to fiscal 2022 levels and save $US1.5 ($A2.3) trillion across a decade by holding spending increases to an annual one per cent.
"It's my hope that Republicans will release their budget sooner rather than later, so we can have a thoughtful discussion about alternatives," top House Democrat Hakeem Jeffries said as he emerged from the meeting.
The emergence of the two budgets is seen as the starting gun for negotiations between House Speaker Kevin McCarthy and Biden over spending for fiscal 2024, which begins on October 1.
The stakes of those talks are elevated this year as the federal government is expected to hit the $US31.4 ($A47.7) trillion debt ceiling by summer.
Failure to act by that time could trigger a potentially disastrous default.
McCarthy wants Biden to agree to spending cuts before his narrow Republican House majority would agree to raise the debt ceiling.
Biden insists Republicans must agree to a "clean" debt ceiling increase without a preliminary deal on spending.
"We're at a tipping point," McCarthy said of the nation's fiscal position.
"Very seldom do we ever get together as members outside the chambers.
"We do that in classified briefings and ... I think this is just as important as any security issue."
Each party blames the other for the country's fiscal position.
Republicans say spending under Biden has added to the national debt, while Democrats point to tax cuts for businesses and wealthy individuals that were passed under former President Donald Trump and cost the budget $US2 ($A3.0) trillion in revenue.