Biden unveils $6 trillion budget proposal

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The budget projects a drop in the unemployment rate over the next few years

Vendredi 28 mai 2021 ((rezonodwes.com))–President Joe Biden revealed a $6 trillion national budget proposal for the 2022 fiscal year on Friday.

The budget focuses on infrastructure, education and climate change proposals in an effort to « reimagine » the American economy and boost the middle class. The budget proposes higher taxes for corporations and high-earning Americans in an effort to redistribute wealth to the middle class. If approved, the budget would also push US debt to the highest level it has been in decades.

— his $1.5 trillion discretionary budget, which would increase funding for education, the IRS and the Centers for Disease Control and Prevention, among other things;

— the $2.3 trillion American Jobs Plan investing in infrastructure, currently under negotiation with Congress; and

— the $1.8 trillion American Families Plan, which includes spending on universal preschool and two years of free community college.

The White House proposal highlights the president’s priorities, but Congress has the power of the purse and ultimately determines government spending levels. Congress needs to pass a spending deal by October to avoid a partial government shutdown. It also faces a deadline this fall for raising the debt limit.

source : npr

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