President Joe Biden is set to propose a $6 trillion budget on Friday, which would raise the level of federal spending to its highest sustained point since World War II, according to documents reported by The New York Times.
In the report, the Times notes that the budget would also run “deficits above $1.3 trillion throughout the next decade,” and that “Biden’s first budget request as president calls for the federal government to spend $6 trillion in the 2022 fiscal year, and for total spending to rise to $8.2 trillion by 2031.”
As federal spending skyrockets in response to the Democrats’ agenda regarding infrastructure and social benefits, the Times noted that “the United States would run significant deficits as it borrows money to finance his plans.”
“Under Mr. Biden’s proposal, the federal budget deficit would hit $1.8 trillion in 2022, even as the economy rebounds from the pandemic recession to grow at what the administration predicts would be its fastest annual pace since the early 1980s,” the report added. “It would recede slightly in the following years before growing again to nearly $1.6 trillion by 2031.”
According to these projections, total public-held debt would greatly exceed the annual value of economic output, rising to a staggering 117% of the size of the economy in 2031.
“By 2024, debt as a share of the economy would rise to its highest level in American history, eclipsing its World War II-era record,” the Times reported.
When it comes to healthcare, the New York Times reported that Biden’s budget document indicates support for Americans “as young as 60 years old” gaining access to Medicare, as well as “an expansion of Medicare to cover dental, vision and hearing services.”
“Health care is a right, not a privilege,” the document reads, according to the Times. “Families need the financial security and peace of mind that comes with quality, affordable health coverage.”
The budget proposals will require approval by the Democrat-controlled Congress.
Critics reacted to Biden’s multiple waves of spending. The Daily Wire’s Ben Shapiro noted that Biden’s spending — $6 trillion budget, $2 trillion “recovery” bill, $2 trillion infrastructure bill, and $2 trillion “American Families Plan” — amounted to $12 trillion.
“This is the spending this ‘moderate’ houseplant has proposed in the first six months of his administration,” Shapiro added.
+ $2T "recovery" bill
+ $2T infrastructure bill
+ $2T "American Families Plan"
This is the spending this "moderate" houseplant has proposed in the first six months of his administration. https://t.co/E92P9cxuxU
— Ben Shapiro (@benshapiro) May 27, 2021
CNN noted that “Congressional Republicans are already sounding the alarm about the Biden administration’s spending plan and deficits … as the question of the size and scope of economic recovery looms large in Washington.”
“It just seems like the trillions keep on coming,” said Republican U.S. Senator Shelley Moore Capito, according to Reuters.
“The President’s budget will focus on advancing the historic legislative agenda he’s already put forward for this year,” said Rob Friedlander, spokesman for the White House budget office, in a statement last week as reported by The Washington Post. “The budget won’t propose other new initiatives but will put together the full picture of how these proposals would advance economic growth and shared prosperity while also putting our country on a sound fiscal course.”
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Author: Ian Haworth
Source: Daily Wire : Report: Biden To Propose HUGE $6 Trillion Budget, Will Cause Debt To Skyrocket, ‘Eclipsing’ World War II-Era Records