ap photo President Joe Biden delivers the State of the Union address to a joint session of Congress at the U.S. Capitol on Feb. 7 in Washington, as Vice President Kamala Harris and House Speaker Kevin McCarthy of Calif., listen.

WASHINGTON — President Joe Biden’s upcoming budget proposal aims to cut deficits by nearly $3 trillion over the next decade, the White House said Wednesday.

That deficit reduction goal is significantly higher than the $2 trillion that Biden had promised in his State of the Union address last month. It also is a sharp contrast with House Republicans, who have called for a path to a balanced budget but have yet to offer a blueprint.

The White House has consistently called into question Republicans’ commitment to what it considers a sustainable federal budget. Administration officials have noted that the various tax plans and other policies previously backed by GOP lawmakers would add roughly $3 trillion to the national debt over 10 years.

“This is something we think is important,” White House press secretary Karine Jean-Pierre said about the plan Biden intends to discuss Thursday in Philadelphia. “This is something that shows the American people that we take this seriously.”

As part of the budget, the president already has said he wants to increase the Medicare payroll tax on people making more than $400,000 per year and impose a tax on the holdings of billionaires and others with extreme degrees of wealth.

The proposal would seek to close the “carried interest” loophole that allows wealthy hedge fund managers and other to pay their taxes at a lower rate, and prevent billionaires from being able to set aside large amounts of their holdings in tax-favored retirement accounts, according to an administration official. The plan also projects saving $24 billion over 10 years by removing a tax subsidy for crypto currency transactions.

The official who provided the details spoke on condition of anonymity to preview the plan before its official release.

It also includes:

–expanding the ability of Medicare to negotiate on pharmaceutical drug prices, with an estimated spending cut of $160 billion over a decade.