President Joe Biden announces $6 trillion budget for the next year
President Joe Biden released a $6 trillion budget for next year on Saturday, packed with new safety net programmes for the poor and middle class, but his generosity is contingent on corporations and the rich paying higher taxes to keep the country's debt from spiralling out of control.
Mr. Biden inherited historic pandemic-related spending and earlier this year secured a key success on COVID-19 relief. The announcement on Saturday expands on his recently announced infrastructure and social expenditure measures, as well as his earlier pledges to significantly raise expenditure for annual Cabinet budgets.
The forecast deficit for this year would be a new high of $3.7 trillion, dropping to $1.8 trillion next year – still over double pre-pandemic levels. After more than $5 trillion in already granted COVID-19 relief, the national debt will soon surpass $30 trillion. As a result, the government will have to borrow approximately half of every dollar spent this year and next.
Mr.Biden said,“The best way to grow our economy is not from the top down, but from the bottom up and the middle out,"