Biden Wants US Federal Budget of $ 6 Trillion

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US President Joe Biden will propose a $ 6 trillion budget. The New York Times reports this based on documents that the newspaper has seen.

 

It is said to be the highest federal expenditure since World War II.

Biden will announce his budget plans for the fiscal year 2022 starting in October on Friday. Earlier, he had already developed great ambitions for investment in infrastructure, worth $ 2 trillion, and a stronger social safety net, involving $ 1.8 trillion.

In addition to roads and bridges, it also concerns expenditure on childcare and education, for example.

According to The New York Times, total federal spending will reach $ 8.2 trillion by 2031. The White House wants to pay for the expenditure through higher taxes on the wealthiest Americans and large companies, among other things.

According to the newspaper, the Biden government foresees that these higher revenues for the treasury will only lead to a considerably smaller government deficit in the 1930s. In the coming fiscal year, this deficit will increase to $ 1.8 trillion. National debt will rise to its highest level ever in 2024.

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