Joe Biden's $6000000000000 Budget Is Massive. Here are the Details

Pablo Tucker
May 30, 2021

The budget incorporates the administration's eight-year, 2.3 trillion dollar infrastructure proposal and its 1.8 trillion dollar American Families Plan and adds details on his 1.5 trillion dollar request for annual operating expenditures for the Pentagon and domestic agencies.

President Joe Biden on Friday sent Congress a $6 trillion budget proposal that would spend big on infrastructure, climate change, and social welfare packages, while creating projected deficits of at least $1.3 trillion per year until 2030.

Biden in the budget message argued against "trickle-down economics" as he laid out his administration's investments that calls for some $6.01 trillion in spending, bringing together the $2.3 trillion American Jobs Plan and the $1.8 trillion American Families Plan he had already announced, as well as about $1.5 trillion in discretionary spending for fiscal 2022, and other mandatory spending programs.

If passed, the plan, which faces strong opposition from Republican lawmakers, would become the biggest sustained government spending since World War II.

This year's projected deficit would set a new record of 3.7 trillion dollars that would drop to 1.8 trillion dollars next year - still nearly double pre-pandemic levels.

" It's wonderful how little all this taxing, printing, and borrowing would actually net American families", Sen.

"The money would just disappear into a million mediocre socialist daydreams, from electric vehicle subsidies to work-discouraging welfare programs to Washington-directed childcare plans that would put politicians' thumbs on the scales of family decisions", he added.

Like all presidential budgets, Biden's plan is simply a proposal.

Sen. Lindsey Graham, ranking member of the Senate Budget Committee said Biden's offer was unserious. "It dramatically increases nondefense spending and taxes" and would weaken the Pentagon, said South Carolina Sen. "There will be serious discussions about government funding".

Cecilia Rouse, the chair of Biden's Council of Economic Advisers, says Biden's plan is front loaded and that the administration was willing to live with budget deficits amid low-interest rates to make significant investments in the nation's economy. Let's take a look at some key points of the budget. "And by imposing unrealistic restrictions on the development of affordable and reliable energy in places like Africa, the president is pushing developing nations into deeper poverty and reliance on China for their energy needs", Risch continued. "This budget puts our country on a long-term fiscally sustainable path through fair & efficient tax reform", she wrote on Twitter.

US Treasury Secretary Janet Yellen said on Thursday that the budget would push US debt above the size of the US economy but would not contribute to inflationary pressures.

According to the projections in Mr Biden's budget proposal the United States economy was expected to grow at almost 2 per cent annually for most of the next decade, with unemployment below 4 per cent.

However, the US President's new budget is proving unpopular with more than just Republicans.

It's up to Congress to implement it through tax and spending legislation and annual agency budget bills.

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