President Joe Biden said during a press conference in Virigina Beach, Va., on Tuesday that his March 9 budget proposal to the U.S. Congress will include some higher taxes on billionaires, but will not violate his pledge not to raise rates on Americans making less than $400,000 a year.

“On March the 9th, I'm going to lay down in detail every single thing, every tax that's out there that I'm proposing, and no one making less than $400,000 is going to pay a penny more in taxes," Biden told the audience.

“The idea that a billionaire… pay at a rate that is lower than the rate of a police officer, a school teacher, a nurse — is bizarre."

Biden, under pressure from Republicans who are threatening not to raise the U.S. debt limit unless he agrees to sharp spending cuts, has vowed to cut the deficit by $2 trillion over 10 years in the upcoming budget proposal. During the 2020 campaign, Biden pledged not to increase taxes on people making less than $400,000 a year.

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