According to documents obtained by The New York Times, President Joe Biden is scheduled to present a $6 trillion budget on Friday, which would bring federal spending to its highest level since World War II.
According to the article, the budget would have “deficits exceeding $1.3 trillion over the following decade,” and “Biden’s first budget request as president asks for the federal government to spend $6 trillion in the fiscal year 2022, with total expenditure to grow to $8.2 trillion by 2031.”
The New York Times reported that as federal expenditure soars in response to the Democrats’ plan on infrastructure and social services, “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 forecasts, total government debt would well outstrip annual economic output, reaching a startling 117 percent of GDP 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.
In terms of healthcare, Biden’s budget proposal implies support for Americans “as young as 60 years old” obtaining access to Medicare, as well as “an extension of Medicare to cover dental, eye, and hearing services,” according to the New York Times.
“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 Democratic-controlled Congress will have to approve the budget recommendations.
Biden’s successive expenditure rounds drew criticism. Ben Shapiro of The Daily Wire pointed out that Biden’s expenditures totaled $12 trillion, which included a $6 trillion budget, a $2 trillion “recovery” package, a $2 trillion infrastructure package, and a $2 trillion “American Families Plan.”
“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
“Congressional Republicans are already raising concerns about the Biden administration’s spending plan and deficits… as the scale and scope of the economic recovery looms big in Washington,” CNN reported.
“It just seems like the trillions keep on coming,” According to Reuters, Republican U.S. Senator Shelley Moore Capito said.
“The President’s budget will focus on advancing the historic legislative agenda he’s already put forward for this year,”“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.” According to The Washington Post, Rob Friedlander, a spokesperson for the White House budget office, stated in a statement last week.