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US PRESIDENT JOE Biden proposes a budget of $ 6 trillion for next year, amassed with new safety net programs for the poor and middle class.

But his generosity hangs on corporate and rich taxing to prevent the nation’s debt from spiraling out of control.

Mr Biden inherited record pandemic-fueled spending and won a major victory in relief earlier this year from Covid-19. The rollout on Friday adds to his recently announced infrastructure and social spending initiatives and fleshed out his earlier plans to greatly increase spending on annual cabinet budgets.

The projected deficit for this year would set a new record of $ 3.7 trillion , which would drop to $ 1.8 trillion next year – still almost double what it was before the pandemic.

National debt will soon exceed $ 30 trillion after more than $ 5 trillion in Covid-19 has already been approved Facilitations were granted. As a result, the government has to borrow about 50 cents of every dollar it spends this year and next.

With the deficit largely uncontrolled, Mr Biden would use the proposed corporate and high income tax hikes to create huge new welfare programs like pushing universal preschool, big childcare subsidies and guaranteed paid leave.

“The best way to strengthen our economy is not top-down, but bottom-up and center-out” said Biden in his household message.

“Our prosperity comes from the people who get up every day, work hard, raise their families, pay their taxes, serve their nation and volunteer in their communities.”

The budget includes the government’s eight-year infrastructure proposal for $ 2.3 trillion and the US family plan for $ 1.8 trillion llar and details his $ 1.5 trillion filing for annual operating expenses for the Pentagon and domestic agencies.

Acting White House Head of Household Shalanda Young said the Biden Plan “does just that, what the president told the country that he would do. Grow the economy, create jobs, and do it responsibly by asking the richest Americans and big corporations to pay their fair share. “

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Mr Biden’s budget will certainly give Republicans fresh ammunition for their criticism of the new Democratic government, which is centered on a “tax and spending” agenda that is detrimental to the economy and an oppressive one to younger Americans Would impose debt burden. Republicans also say he’s shorting out the military.

“It’s insanely expensive. It increases spending and taxes for non-defense purposes dramatically, “and would weaken the Pentagon, said Lindsey Graham, Senator from South Carolina, top Republican on the Budgets Committee and a generally pragmatic GOP vote on spending bills.

” There will be serious discussions about give state funds. But the Biden budget is not serious and will not be part of these discussions. “

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Biden puts forward a $ 6 trillion budget plan with corporate taxation plans and the wealthy comments

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