Home WORLD Biden seeks a record $6 trillion in the federal budget for 2022 | The New York Times

Biden seeks a record $6 trillion in the federal budget for 2022 | The New York Times

0

[ad_1]

According to the New York Times, US President Biden’s budget proposal brought the federal fiscal footprint to an unprecedented level since World War II.

According to the New York Times report on Thursday, US President Biden will seek US$6 trillion in federal spending in fiscal year 2022, bringing the country to the highest level of sustained federal spending since World War II.

Documents obtained by the newspaper show that the Democratic President’s first budget request requires the federal government’s spending to increase to $8.2 trillion by 2031.

According to the “New York Times” report, the deficit will exceed 1.3 trillion U.S. dollars in the next ten years, and will reach 1.8 trillion U.S. dollars for the first time in 2022, and then gradually decrease.

If the budget is approved, the total debt owed by the American people will exceed the annual value of economic output and will rise to 117% of gross domestic product (GDP) by 2031.

Biden plans to pay for the increased expenses by increasing taxes on companies and high-income earners.

If Biden’s budget goes according to plan, the US government will spend nearly a quarter of the country’s GDP each year for the next ten years. It will also collect taxes only one-fifth of the total economic output.

The Democratic president launched a campaign against former President Donald Trump, which vowed to calm the economic competition and provide equal opportunities for the middle class to all Americans.

Biden also pledged to make American industry competitive in a world that his government believes is moving in the direction of reducing energy emissions and addressing climate change.

The President clearly stated this goal in the two parts of the American Employment Plan and the American Family Plan, which aims to update the country’s infrastructure and expand the social safety net.

This includes funds for roads, water pipes, broadband internet, electric vehicle charging stations and advanced manufacturing research. The American Family Plan envisages funding for affordable childcare, universal kindergarten and a national paid leave program.

Biden will release his first budget since he took office in January, when he was expected to announce a possible surge in spending on Medicaid and other social programs, and provide funding for foreign aid, immigration, policing, and defense. .

Republicans criticized the Democratic president for seeking trillions of dollars for frenzy consumption.

They also postponed his proposal for infrastructure spending.Senate Republican Thursday In Biden’s US$1.7 trillion plan, a new offer of US$928 billion in counter-offers over the next eight years was proposed.

The President proposes an annual budget for the federal government, but it must be approved by Congress. Biden approves of this odds.

The Democrats have a majority in the US House of Representatives, and they also control the US Senate by a narrow margin. The Senate was 50-50 by Democratic Vice President Kamala Harris (Kamala Harris) held a tiebreaker.



[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here