PoliticoJoe Biden’s US$6 trillion budget goes big on spending in bid to lift middle class
- The proposal ties together the president‘s infrastructure proposal, ‘families plan’ and US$1.5 trillion to fund the government for the coming financial year
- Under Biden’s plan, the nation’s debt would exceed the size of the economy for the entire decade, rising to 117 per cent of GDP by 2031
This story is published in a content partnership with POLITICO. It was originally reported by Caitlin Emma on politico.com on May 28, 2021.
Assuming a federal budget gap of more than US$1 trillion for the next decade, the long-delayed document focuses on lifting the middle class, expanding the social safety net and boosting American competitiveness across the globe.
It combines Biden’s US$2.3 trillion infrastructure plan, his US$1.8 trillion families proposal and US$1.5 trillion in discretionary spending to fund federal agencies for the upcoming financial year.
“Put together, this budget is an agenda for robust, durable economic growth and broadly shared prosperity,” said Shalanda Young, Biden’s acting White House budget director. “It will deliver a strong economy now and for decades into the future.”