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Biden to push $6 trillion U.S. budget for next fiscal year - NYT

EconomyMay 27, 2021 09:16AM ET
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© Reuters. FILE PHOTO: U.S. President Joe Biden speaks about jobs and the economy at the White House in Washington, U.S., April 7, 2021. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - President Joe Biden will seek $6 trillion in U.S. federal spending for the 2022 fiscal year, rising to $8.2 trillion by 2031, the New York Times reported on Thursday, a day before the White House is expected to unveil its budget proposal.

Citing documents it had obtained, the Times said the Democratic president planned to pay for his agenda through increased taxes on corporations and high earners, and that the budget deficits would start to decrease in the 2030s.

On Friday, Biden is set to release his first full budget since taking office in January as he seeks to push his priorities of investing in infrastructure, childcare and other public works in a national rebuilding effort.

Representatives for the White House could not be immediately reached for comment on the report, which noted Biden's proposal would put the nation on track for its highest sustained level of spending since World War II.

Republicans have criticized the president for seeking trillions in new spending, setting the stage for pitched battles over his priorities.

"It just seems like the trillions keep on coming," Republican U.S. Senator Shelley Moore Capito, who is leading a group of colleagues pursuing a counteroffer to Biden's current $1.7 trillion infrastructure proposal.

While the president can propose an annual budget for the U.S. government, it is up to Congress to approve spending bills. And while Democrats hold the majority in the U.S. House of Representatives, they only narrowly control the 50-50 divided U.S. Senate, with Democratic Vice President Kamala Harris holding the tie-breaking vote.

Still, Biden campaigned on charting a new course for the country after four divisive years under his Republican predecessor, Donald Trump, and has vowed to press ahead with his sweeping proposals.

His plan, expected Friday, will offer more details on that path, including possible spending jumps in Medicaid and other social programs. It will also lay out proposed funds for foreign aid, immigration, policing and national defense.

Biden to push $6 trillion U.S. budget for next fiscal year - NYT
 

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Comments (21)
George Pichurov
George Pichurov May 28, 2021 6:50AM ET
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6 tril? Only  once per year?
Gabriel Watson
Galaxybane May 27, 2021 10:54PM ET
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Learned a lesson or two from China, eh Mr. Biden?
Ed Glass
EddieG May 27, 2021 11:31AM ET
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just issue 6 platinum mints, each with $trillion.
peter neal
peter neal May 27, 2021 11:00AM ET
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Bolivar here we come.
Mike Chen
Mike Chen May 27, 2021 10:41AM ET
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Money is a instrument that is meant to spend! Issue bonds for stupid people to buy. Your lifespan is only a few decades, spend your life with meaningful value. Don’t be a money slave. Be a American with debts. Debtors are the smartest humans on earth!
Ta Sir
Ta Sir May 27, 2021 10:02AM ET
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Easy money
danny Levine
danny Levine May 27, 2021 9:48AM ET
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heard of Argentina?
Kaveh Sun
Kaveh Sun May 27, 2021 9:45AM ET
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Lib concept: gov can print unlimited money. We will print to prosperity. Everybody will be billionairs.
Emanuel Dabah
Emanuel Dabah May 27, 2021 9:17AM ET
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big inflation is on the way
Cali Cartel
Cali Cartel May 27, 2021 9:04AM ET
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Wow biden really got that juice out
james marshall
james marshall May 27, 2021 9:04AM ET
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Nice, we will break 30 trilion in debt next year. This is going to end very well!!! Go dems, go!
Ominous Owl
Ominous Owl May 27, 2021 9:03AM ET
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When the world is making day in day out progress in automation, AI & machine learning forecasting huge job losses making manual labors obsolete, this guy is busy with his 'unions' talks. Chinese must be loving him so much.
Murali Brahmandam
Murali Brahmandam May 27, 2021 8:59AM ET
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A new country will be created with lower taxes for companies and HNIs to shift to.
Murali Brahmandam
Murali Brahmandam May 27, 2021 8:56AM ET
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In ... because Biden will do so at a future date such as 2022 ... not now .. to make that clear
Anony Mous
Anony Mous May 27, 2021 8:50AM ET
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Why is the word “in” used in the headline?
Murali Brahmandam
Murali Brahmandam May 27, 2021 8:47AM ET
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Americans have progressed from enslaved Africans centuries ago to enslaving Companies and High Earners in this century
Benjamin McIntire
Benjamin McIntire May 27, 2021 8:47AM ET
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Uh... just stop
Ominous Owl
Ominous Owl May 27, 2021 8:47AM ET
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Its the responsibility of libcucks that they will destabilize the progress in the hands of weak & incompetent. A perfect combination for downfall of Eurocucks, Canadian cucks & now the Americans too. Poor founding fathers! What's not to love by Chinese & Russians?
Yo lee
Yo lee May 27, 2021 8:44AM ET
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This guy is tripping !
Moe Money
Moe Money May 27, 2021 8:43AM ET
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higher inflation, incoming.
Moe Money
Moe Money May 27, 2021 8:43AM ET
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higher inflation, incoming.
Felipe Daniel
Felipe Daniel May 27, 2021 8:40AM ET
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Biden admin wants to ensure America’s bankruptcy
Ryan Burkett
Ryan Burkett May 27, 2021 8:35AM ET
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This is insanity.
 
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