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Biden Budget To Run $1.8T Deficit To Finance Spending Plans

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President Joe Biden delivers remarks on the economy at the Cuyahoga Community College Metropolitan Campus, Thursday, May 27, 2021, in Cleveland. (AP Photo/Evan Vucci)

(AP) — President Joe Biden’s $6 trillion budget proposal for next year would run a $1.8 trillion federal government deficit despite a raft of new tax increases on corporations and high-income people designed to pay for his ambitious spending plans.

The whopping deficit projections are being driven by Biden’s costly plans for infrastructure and social spending, along with major new investments in domestic Cabinet agencies.

The budget incorporates the administration’s eight-year, $2.3 trillion infrastructure plan and its $1.8 trillion American Families Plan. It also adds details on his $1.5 trillion request for annual operating appropriations for the Pentagon and domestic agencies.

 

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