Business News

Social spending, business tax hike drive $6Tr Joe Biden budget

Spread the love

Despite a host of new tax increases on businesses and high-income people aimed to pay for his ambitious spending plans, President Joe Biden’s USD 6 trillion budget proposal for next year would run a USD 1.8 trillion federal government deficit.

Biden has previously disclosed his key budget plans, but in a press conference on Friday, he would present them as a single plan that would be included into the government’s existing budget structure, which includes Social Security and Medicare. This gives a more complete picture of the administration’s financial situation.

Democratic insiders revealed major details of Biden’s plan on the condition of anonymity since the paper has not yet been made public. The massive deficit predictions reflect a government whose debt has surpassed USD 28 trillion, despite receiving more than USD 5 trillion in COVID-19 relief.

The government’s structural deficit continues uncontrolled, and Biden is relying on tax increases on corporations and the rich to fund massive new social programmes like universal prekindergarten and big child-care subsidies.

The budget includes specifics on the administration’s USD 1.5 trillion request for yearly operating appropriations for the Pentagon and domestic agencies, as well as its USD 2.3 trillion infrastructure programme and its USD 1.8 trillion American Families Plan.

Biden’s budget, like all presidential budgets, is just that: a proposal. Congress must put it into effect through tax and spending legislation, as well as yearly agency budget bills. With Democrats holding a razor-thin majority on Capitol Hill, the president has the capacity to carry through many of his tax and spending proposals, though his desire to give domestic agencies larger budget increases than the Pentagon is guaranteed to run into Republican opposition. Some Democrats, on the other hand, are already objecting to Biden’s entire tax hike package.

NEWS SOURCE

ALSO READ : After strong Q4 earnings, Metropolis Healthcare gains 14% and reaches a new high

Recent Posts

As Ola’s Bhavish Aggarwal Faces Criticism, Zomato’s Deepinder Goyal Receives Praise for PR Savvy

The contrasting public images of two prominent Indian startup founders, Zomato's Deepinder Goyal and Ola's…

1 month ago

Singham Again Trailer Launch: What to Expect

The excitement is palpable as Ajay Devgn and director Rohit Shetty gear up for the…

1 month ago

Hardik Pandya Impresses with No-Look Ramp Shot and All-Round Performance in India’s First T20I Win Against Bangladesh

Hardik Pandya showcased his prowess as an allrounder in T20 cricket, contributing significantly with a…

1 month ago

New Haryanvi Song “Bahu Chaudhariya Ki” Launched by Aman Jaji and Pranjal Dahiya

HR Beat Production has unveiled its latest Haryanvi hit, "Bahu Chaudhariya Ki," featuring artists Aman…

2 months ago

Apple’s iPhone 16 Pro Max: Improved Battery Life and Camera Features, but Missing Key AI Updates

Apple's highly anticipated iPhone 16 series is set to launch on Friday, with the flagship…

2 months ago

Music Director Vipin Reshammiya, Father of Himesh Reshammiya, Passes Away at 87

Vipin Reshammiya, father of Himesh Reshammiya, has passed away at the age of 87. He…

2 months ago

This website uses cookies.