President Joe Biden will unveil a federal budget totaling $6 trillion, according to documents seen by the New York Times.
Biden’s splurge will accelerate inflation and grow the national debt 117% of the size of the economy by the end of his first term in 2024.
Biden’s Budget would be the highest in history, passing the previous WWII-era record.
The largest prior deficit was $1.4 trillion, following then-President Obama’s economic bailout after the 2008 financial crisis.
Of Course, Biden Will Get The Rich To Pay For It All
Biden hopes to offset the spending hike with tax increases, particularly on corporations and wealthy Americans.
The New York Times was broadly supportive of Biden’s plans to open the federal government’s purse, praising “Mr. Biden’s ambitions to wield government power to help more Americans attain the comforts of a middle-class life and to lift US industry to better compete globally.”
However, deficit hawk Republicans are likely to oppose it bitterly.
Kentucky Sen. Rand Paul has already warned that Biden’s spending splurge will have “profound repercussions,” given that inflation is currently at a 12-year high.
The federal government has already spent $6 trillion on helping the economy survive the coronavirus pandemic, and Biden’s infrastructure and jobs bills – both currently being negotiated in Congress by Democrats and Republicans – could add another $4 trillion to the government’s expenditure.
If passed, both of these bills could be rolled into Biden’s budget.
Despite the looming showdown in Congress, this budget will likely scrape through Congress.
A simple majority is enough to pass the yearly budget, and Democrats hold a slim majority in the House of Representatives and a slimmer one in the Senate, where even a single Democratic defection would scupper its passage.