The two-part agenda, contained in the US president’s American Jobs Plan and American Families Plan, will push up deficit and keep it above $1 trillion for a decade.
President Joe Biden will unveil a $6 trillion budget proposal on Friday to make the United States more competitive by investing in education, climate change and transportation, in an ambitious plan that will mark the highest level of sustained federal government spending in America since World War II.
Citing leaked budget documents, the New York Times reported that the spending plan for 2022 calls for investments in roads, water pipes, broadband internet, electric vehicle charging stations and research in order to make the economy more competitive, and provides for an expanded social safety net with affordable childcare, universal pre-kindergarten and a paid leave program. The proposals are likely to run into opposition from the Republicans.
The two-part agenda, contained in the US president’s American Jobs Plan and American Families Plan, will push up deficit and keep it above $1 trillion for a decade. The president plans to pay for it with increased taxes on corporations and the wealthy (those earning less than $400,000 annually will be spared), administration officials have said, while adding that the additional revenue will take time to trickle in.
News Source : Hindustan Times