Biden to propose $6 trillion budget to make U.S. more competitive
May 28, 2021
WASHINGTON - President Joe Biden will propose a $6 trillion budget Friday that would take the United States to its highest sustained levels of federal spending since World War II as he looks to fund a sweeping economic agenda that includes large new investments in education, transportation and fighting climate change.
Documents obtained by The New York Times show that the budget request, the first of Biden's presidency, calls for total spending to rise to $8.2 trillion by 2031, with deficits running above $1.3 trillion throughout the next decade. The growth is driven by Biden's two-part agenda to upgrade the nation's infrastructure and substantially expand the social safety net, contained in his American Jobs Plan and American Families Plan, along with other planned increases in discretionary spending.
The proposal for the 2022 fiscal year and ensuing decade shows the sweep of Biden's ambitions to wield government power to help more Americans attain the comforts of a middle-class life and to lift U.S. industry to better compete globally.