WASHINGTON — President Joe Biden's $6 trillion budget proposal for next year would run a $1.8 trillion federal government deficit despite a raft of new tax increases on corporations and high-income people designed to pay for his ambitious spending plans.
The whopping deficit projections reflect a government whose steadily accumulating pile of debt has topped $28 trillion after well more than $5 trillion in COVID-19 relief. The government's structural deficit remains unchecked, and Biden uses tax hikes on businesses and the wealthy to power huge new social programs like universal prekindergarten and large subsidies for child care.
“Now is the time to build the foundation that we’ve laid to make bold investments in our families and our communities and our nation,” Biden said Thursday in an appearance in Cleveland to tout his economic plans. “We know from history that these kinds of investments raise both the floor and the ceiling over the economy for everybody.
The Biden plan comes as the White House is seeking an agreement with Senate Republicans over infrastructure spending. There are growing expectations that he may have to go it alone and pass his plans by relying on support from his narrow Democratic majorities in both the House and Senate. Last year's $3.1 trillion budget deficit under President Donald Trump was more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring.
Biden is CLAWING BACK about money from billionaires