According to the New York Times, President Joe Biden wants to propose a budget of $6 trillion in a few days. If this comes to fruition, it will be the highest spending level the U.S. has seen since World War II.
The Times reports, via documents they obtained, the federal government would spend the trillions of dollars during the 2022 fiscal year and would increase to $8.2 trillion by 2031.
The Hill wrote “the plan would increase the country’s debt burden to 117 percent of gross domestic product by the end of the decade.”
The levels of taxation and spending in Mr. Biden’s plans would expand the federal fiscal footprint to levels rarely seen in the postwar era, to fund investments that his administration says are crucial to keeping America competitive. That includes money for roads, water pipes, broadband internet, electric vehicle charging stations and advanced manufacturing research. It also envisions funding for affordable child care, universal prekindergarten, a national paid leave program and a host of other initiatives. Spending on national defense would also grow, though it would decline as a share of the economy,” the Times wrote.
