President Joe Biden will announce a $6 trillion budget proposal for fiscal year 2022 on Friday, an increase driven by spending envisioned for his infrastructure and families plans, according to news reports.
The New York Times, The Washington Post and CNN reported Thursday that Biden’s first formal budget proposal to Congress shows deficits of more than $1 trillion over the next decade. The Times said the sustained levels of spending in the plan would be the highest since World War II.
The federal budget deficit would hit $1.8 trillion in 2022 under Biden’s proposed budget. The deficits would drop slightly in the following years before rising again to nearly $1.6 trillion by 2031.
No new major initiatives are reflected in the budget numbers. The spending represents the original $2.25 trillion Biden’s infrastructure-focused American Jobs Plan, the $1.8 trillion American Families Plan and $1.5 trillion in discretionary spending.
The proposed cost of the jobs plan is reduced by $600 billion under a new White House proposal for a bipartisan compromise. Republican lawmakers have proposed spending even less — $928 billion — under their infrastructure counter-proposal presented Thursday.
Biden has proposed raising taxes on corporations and earners making more than $400,000 a year to help pay for his spending plans. His budget request shows that the jobs and families plan would be paid for by tax increases during a 15-year period and that deficits would begin to shrink in the 2030s with the new tax revenue.
Biden has proposed raising the corporate tax rate from 21%, established by the GOP tax overhaul in 2017, to 28% to help pay for the infrastructure package — a rate still lower than what it was between World War II and 2017.
The tax hike would fund the jobs plan within 15 years and would combine with plans to discourage firms from listing tax havens as their address and offshoring profits.
GOP lawmakers have said they oppose all of Biden’s tax hike proposals.
In his budget, Biden is expected to call on Congress to create a public option and give Americans over 60 the option to enroll in Medicare, according to a document obtained by the Post. The specific policies related to this proposal are not part of the budget.
The budget “won’t propose other new initiatives but will put together the full picture of how these proposals would advance economic growth and shared prosperity while also putting our country on a sound fiscal course,” Rob Friedlander, spokesman for the White House budget office, said last week, according to the Post.
The federal government’s annual budgets are determined by Congress. The president traditionally recommends budget amounts but Congress is not bound to follow the requests.
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And on the flip side, what is his proposal for paying down the staggering deficit?
Surely you jest.. NOT ONE of these hacks in office, give one rats iota about that deficit… NOT ONE.
Yep, like all liberals state, raising Federal spending will pay down the debt. Raising taxes on Companies and corporations, raises prices for all of us. So all this does is hurt the poor, the middle class and the upper middle class.
“A billion here, a billion there, and pretty soon you’re talking real money.”
– Everett Dirksen
That’s how the phrase used to be. NOW it will be a “trillion there, a trillion here, and then you’re talking about real money”
Biden to announce HIS Budget? No way it is his, it is the SHADOW President’s Budget, Joe is just the puppet with the moving mouth !
Well, you know Cho Bai Din and his penchant for re-purposing previously used speeches and documents. It’s most likely plagiarized.
I can hear ol’ Jug Ears now: “You didn’t prepare that budget! Someone else prepared that for you!” And he should be angry at being shown up by a puppet. I don’t think O’bama ever submitted a proper budget.
I don’t think his entire 8 yrs in office, he had a proper full on yearly budget.. IT was always just continuing resolutions..
What a pile of BOVINE EXCREMENT! Anyone with half an education can see the outcome of this:
1. Corporations will increase their prices to “pay” their increased taxes.
2. Consumers who can no longer afford most products, stop buying anything non-essential.
3. Corporations, now faced with vastly decreasing sales commence layoffs.
4. Consumers, now unemployed, are forced to rely on government aid to exist.
5. Democrats celebrate the demise of their greatest enemy … WE THE PEOPLE!
You forgot, Corpoations will once again MOVE JOBS OVERSEAS…
The socialist Democrat Party’s destructive character:
1. High TAXES and OVERSPEND.
2. Rule and Ruin
The Dishonorable, U.S. Socialist Democrat Party game plan is to lie, cheat and steal elections in order to take total control of the American people, increase Taxes on everything and bring American commerce and economy to its knees.
Then access power and retain it by any means available –
no matter the costs to the people, the government or the nation.
H E double toothpicks! Make it $50 trillion. A hundred!!
It’s not your quality of life that is being destroyed and it doesn’t really exist anyways.
The Democrats are always great ones for leaving things to the children of the future. Debt is their biggie!