President Biden’s proposed budget could raise annual spending to $6 trillion in the coming financial year, according to Bloomberg. The plan could bring in annual shortfalls in excess of $1.3 trillion in the next ten years.
The proposed budget, set to be unveiled on Friday, outlines Biden’s earlier plans for trillions of dollars in new taxes and government spending.
The proposal would also show what the administration believes inflation, economic growth, and employment would be affected by enactment of the agenda.
Spending could rise to $8.2 trillion in 10 years, with federal debt rising to 117% of GDP over the same period.
The proposal comes when lawmakers from both sides have made it clear they’re unlikely to adopt Biden’s proposal fully.
Biden’s administration predicts the economy could grow less than 2% per year for most of the decade once inflation is taken into account.
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