Biden’s Big-Spending Budget: 6 Takeaways – By The Fiscal Times Staff (The Fiscal Times) / May 27 2021
Plus, Republicans release $928 billion counteroffer on infrastructure
Biden’s $6 Trillion Budget for 2022: 6 Takeaways
President Joe Biden is set to propose a $6 trillion budget for the coming fiscal year that envisions maintaining federal spending at its highest sustained levels since World War II and would result in a decade of deficits topping $1.3 trillion a year, according to reports.
The budget request, slated to be released on Friday, fleshes out the full picture of Biden’s plans as the president pushes for trillions of dollars in new spending and taxes that the administration says are needed to reverse years of chronic underinvestment and ensure that the United States can compete with China and other nations. The budget blueprint also offers longer-term projections of how the administration believes Biden’s agenda would affect the economy.
Here, six takeaways from the details that have been reported so far.
A surge in spending: The Biden budget calls for spending to rise to $8.2 trillion by 2031, according to The New York Times, driven by Biden’s $4.1 trillion in proposed spending packages for infrastructure and the social safety net and by increases in annual discretionary spending. The White House in April issued a discretionary spending request that called for a nearly 16% increase in outlays for non-defense programs, including large increases for health care and education, and a 1.7% increase for defense.
For context, the federal government spent about $6.6 trillion in fiscal year 2020, or $2.1 trillion more than in fiscal year 2019 as a result of emergency pandemic response.
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