On Wednesday, Senate Republican Leader Mitch McConnell vowed Biden’s budget of tax increases “will not see the light of day” when the proposal lands on Capitol Hill.

“You know the president’s budget is replete with what they would do if they could — thank goodness the House is Republican — massive tax increases, more spending,” he told reporters.

Fact sheets released by the White House on Thursday contest McConnell’s claims about spending, stating that the president’s budget proposal will reduce the deficit by about $3 trillion in the next 10 years.

The White House’s press release on the federal deficit also criticizes an alleged double-standard by Republicans in Congress. During recent speeches, Biden has said Republicans did not oppose his predecessor when he increased the deficit, yet have stood firmly against the president.

“While the previous Administration passed a nearly $2 trillion unpaid-for tax cut with benefits skewed to the wealthy and big corporations while dramatically increasing the deficit, President Biden cut the deficit by more than $1.7 trillion during his first two years in office-the largest decline in American history,” the White House said.

Republicans have continued to express strong opposition to Biden’s tax proposals, and instead want to curtail the surging national debt through spending cuts.

“We can no longer ignore the major problem that we have: The size of our debt,” House Speaker Kevin McCarthy said Wednesday following a bipartisan budget meeting at the Congressional Budget Office. “We promised we would change course.”

McCarthy and the White House are currently in a stalemate over the debt ceiling, which Biden has refused to negotiate after Republicans raised it three times under former President Donald Trump.

Prior to Biden’s speech Thursday, McCarthy said he looked at Biden’s budget proposal.

“President Biden just delivered his budget to Congress, and it is completely unserious,” McCarthy tweeted. “He proposes trillions in new taxes that you and your family will pay directly or through higher costs. Mr. President: Washington has a spending problem, NOT a revenue problem.”

Biden’s reforms would increase the Medicare tax rate from 3.8% to 5% on those who earn more than $400,000 per year, which would keep Medicare solvent for the next 25 years, the White House says.

The plan also includes billions in federal dollars for expanding childcare for U.S. workers.

In the speech, Biden is also expected to continue touting his efforts on climate, manufacturing, infrastructure and clean energy across the nation, while working to lower costs for families amid historic inflation.

“By asking those with the highest incomes to contribute modestly more, we can keep the Medicare program strong for decades to come,” the White House said in a statement this week announcing the president’s plan.

Biden’s proposal would close a financial loophole that has allowed the nation’s highest earners to avoid taxes by claiming parts of their income as neither earned nor gained from investment.

The plan would also strengthen the government’s ability to negotiate lower prescription costs by expanding the number of drugs available through Medicare, as part of what the White House calls a cut to wasteful spending on “Big Pharma.”

Biden wants to expand the Inflation Reduction Act by adding commercial health insurers to a requirement that forces drug companies to pay rebates to Medicare whenever medicine prices rise faster than inflation.

Savings from these budget reforms would pour an additional $200 billion into Medicare’s Hospital Insurance Trust Fund over the next decade, the White House said.

Biden’s plan would save Americans billions of dollars as a result of lower out-of-pocket drug costs, including a $2 monthly cap on certain generic drugs used to treat chronic conditions, and a $35 price cap on insulin for all Americans. The plan also seeks to lower costs for behavioral and mental health services.