Biden to announce 2022 budget with biggest federal spending since WWII
White House to unveil its $ 6 trillion 2022 budget proposal to Congress with biggest federal spending surge since World War II, with spending largely driven by Joe Biden’s broad national agenda with investments in services social issues and efforts to tackle the climate crisis and reduce poverty. and expand housing.
Mr Biden’s proposal will require $ 6 trillion in spending in fiscal 2022, with total spending expected to reach $ 8.2 trillion by 2031, according to The New York Times.
The White House will announce its full budget proposal on Thursday, following last month’s preview that the president’s proposal will tackle “a legacy of chronic underinvestment” in the United States, the secretary said at the time. release Jen Psaki.
Mr Biden offered to pay for his program by raising taxes on the country’s wealthiest businesses and households, which officials say would begin to reduce the federal deficit over the next 15 years as the administration aims to reverse cuts and spending priorities under former President Donald. Asset.
According to budget documents obtained by The New York Times before the White House released its full proposal, the federal government would spend more as a share of the economy than all but two years since World War II – 2020 and 2021, which have seen increased levels of federal spending for combat the economic fallout from the Coronavirus pandemic.
But by 2028, at the end of Mr. Biden’s potential second term, the government would collect more tax revenue as a share of the economy decades from now, driven by tax policies that would limit the burden on families in the economy. middle class and perceive what Mr. Biden. and Democrats have called the “fair share” of business and top incomes that Mr. Trump and Republicans have protected with sweeping cuts, part of a legacy of “fallout” economic policies that Mr. Biden says never worked.
The president travels to Cleveland, Ohio on Thursday to promote his agenda and make remarks on the economy, as negotiations continue between members of Congress and the White House over a broad infrastructure proposal continuing in Washington.
Mr Biden’s budget projects relatively moderate economic growth of 2% per year over the next decade, with unemployment falling to 4.1% in 2022 and continuing to fall below 4% in the years that follow, according to the newspaper.
His budget proposal should not introduce new policies that are not already outlined in agenda items such as the US plan for families and the US infrastructure-based jobs plan, and would exclude campaign elements such as the elimination of student debt, expanded health coverage and a plan to cut prescription drug costs. , according to The Washington Post.
Mr Biden’s proposal is still just that – the White House will make its request to Congress, which has a slim Democratic majority, with control of the House of Representatives and an equally divided Senate.