'Doesn't add a single penny': Fact-checking Biden's deficit claims

In the past, Republicans have typically fought the Democrats over concerns spending proposals would expand the deficit and the continually growing national debt. Having weathered those critiques during the Obama years, President Joe Biden's proposals to revitalize the US economy seem designed to circumvent that line of attack, as he claims they won't increase the deficit.

According to Biden, his latest proposal -- the $1.8 trillion American Families Plan -- "doesn't add a single penny to our deficit," he said in Portsmouth, Virginia on Monday. Biden hopes to achieve this and offset the costs of both the American Families Plan and the roughly $2 trillion American Jobs Plan with a series of changes to the tax plan. Biden's proposed tax provisions include a capital gains tax increase for households making over $1 million, increasing the corporate tax rate from 21% to 28%, raising the top marginal income tax rate to 39.6% for households with $400,000 or more in income and requiring estates to pay taxes on unrealized gains of more than $1 million.