President Joe Biden will present a $6 trillion budget for fiscal year 2022 on Friday, bringing federal spending to its highest level since World War II, The New York Times reported Thursday.
The federal disbursement would also grow annually until reaching $8.2 billion in 2031.
The next fiscal year begins in October 2021 through September 2022.
BIDEN’S BUDGET INCLUDES ITS INFRASTRUCTURE AND EDUCATION PLAN
The project, which includes its two major proposals unveiled so far, the infrastructure investment plan and the education and health care plan, assumes federal deficits of more than a trillion dollars a year in the next decade.
Specifically, by 2022 the budget deficit of the United States will be $ 1.8 trillion, although the White House hopes that the initiatives presented by Biden to increase corporate taxes for large companies and the higher profits will help to contain the imbalance of the coffers. public in the following years.
Likewise, the plan assumes an economic growth of the US in 2021 of 5% and somewhat lower, of 4.2%, in 2022.
REPUBLICANS WILL ALMOST SAFELY OPPOSE THE BUDGET PLAN
The federal budget must be approved by Congress.
Currently, the Democratic government and Republicans in Congress are immersed in complex negotiations on the infrastructure plan presented by the president and valued at $ 2.25 billion.
In a gesture to the opposition, Biden reduced the amount of the plan to $ 1.7 billion, although Republicans have rejected that figure as excessive.
Instead, Republicans in the Senate made a $ 928 billion counter offer on Thursday, underlining that the funds should go exclusively to what is considered traditional infrastructure, such as bridges, highways, airports.