Biden’s Budget Would Raise Annual Spending to $6 Trillion
- White House sees inflation staying contained in coming years
- Budget request faces substantial reshaping in Congress
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President Joe Biden is set to unveil a budget that would increase federal spending to $6 trillion in the coming fiscal year, with annual deficits of more than $1.3 trillion over the next decade, according to documents cited by the New York Times.
The proposal, set to be publicly released on Friday, offers a full accounting of Biden’s previously disclosed plans for trillions of dollars in new taxes and government spending while also revealing for the first time how the administration believes inflation, employment, and economic growth would be affected by enacting his agenda.