President Joe Biden will ask Congress to allocate $ 6 trillion in federal spending for the fiscal year 2022, which will rise to $ 8.2 trillion by 2031, the New York Times reported Thursday. The White House is expected to present its draft budget on Friday.
According to the newspaper, citing documents at its disposal, the president plans to finance his initiatives by increasing taxes on corporations and high-income individuals. The budget deficit is expected to start shrinking in the 2030s.
On Friday, Biden is set to unveil his first full draft budget. The president wants to increase investment in infrastructure, child care, and other community projects as part of the country’s reconstruction efforts.
White House officials could not be reached for comment.
According to the newspaper, if Biden’s proposals are implemented, the country will reach the highest level of spending since World War II.
Republicans have criticized the president for wanting to increase spending, setting the stage for a fierce debate over his initiatives.
“More and more trillions are emerging,” said Republican Senator Shelley Moore Capito, who leads a group of colleagues who are developing a $ 1.7 trillion infrastructure counterproposal.
While the president can propose an annual budget for the government, it is up to Congress to approve spending bills. The Democrats have a majority in the House of Representatives, and the seats in the Senate are equally divided. The casting vote belongs to Vice President Kamala Harris.
During the election campaign, Biden promised to develop a new course for the country and conduct some large-scale initiatives.
His budget plan is expected to contain more details about this new path, including possible increases in spending under Medicaid and other social programs. The budget also includes funds for foreign aid, immigration needs, as well as funding for the police and national defense.