Printed on Mon Sep 26 2022 7:45:12 PM

Biden proposes USD 6 trillion budget

Staff Correspondent
World
Joe Biden
US President Joe Biden has released his first annual budget. Biden USD 6 trillion spending plan includes raising taxes on rich Americans.

This budget proposal includes a wide range of new social activities and investment issues against climate change.

However, Biden's budget proposal would require congressional approval. Meanwhile, Republican Senator Lindsey Graham has criticized the budget as "extremely costly."

According to the BBC, if the proposed budget is followed, the debt of the United States will reach 117 percent of GDP by 2031, which will surpass the situation during World War II. And this will be the case even after the proposed budget plan raises USD 3 lakh crore from raising taxes on corporations, capital and income.

Former Republican US President Donald Trump's budget proposal also had a deficit every year. The size of Trump's last year's spending plan was USD 4 lakh 80 thousand crore.

The most important aspect of Joe Biden's budget is raising taxes to tackle climate change. In addition, the budget has called for increasing climate-related social projects and investments. Due to the Corona epidemic, spending in the federal sector has also increased by 50 percent. Expenditure for ministries, including the Pentagon, is estimated at USD 1.5 trillion. President Biden is allocating USD 2.3 trillion for employment and USD 1.8 trillion for family projects.

Democrat President Joe Biden said his budget was a "direct investment for the American people." And it will strengthen our economy in the long run.

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