Money is cheap, let's spend it: White House $6 trillion budget message


Now, the respective figures are $1.7 trillion and $928 billion, both over eight years and with the GOP claiming its proposal would include $257 billion in previously unplanned funds.

US PRESIDENT JOE Biden is proposing a six trillion dollar (€3.4 trillion) budget for next year piled high with new safety net programmes for the poor and middle class.

The plan drew praise from Democrats, including House Speaker Nancy Pelosi, and criticism from Republicans - who blasted the proposed higher debt levels - and some progressive groups, who said it should have scaled back military spending.

This year's projected deficit would set a new record of $US3.7 trillion that would drop to $US1.8 trillion next year - still nearly double pre-pandemic levels.

" It's unbelievable how little all this taxing, printing, and borrowing would actually net American families", Sen. Her work has appeared in The Washington Post, U.S. News & World Report and The Hill.

"President Biden's proposal would drown American families in debt, deficits, and inflation", McConnell said in a tweet. The White House has admitted the proposal could cause some short-term inflation, but they expect it to settle in the long run. "It dramatically increases nondefense spending and taxes" and would weaken the Pentagon, said South Carolina Sen.

The agenda would, however, largely boost deficits in the meantime as the federal government pivots to borrowing to help fund its plans.

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A Biden administration official said the Republican proposal was being considered seriously.

Senator Jim Risch, R-Idaho, ranking member of the Senate Foreign Relations Committee, took issue with the budget's funding for the United Nations (UN).

Rachel Bucchino is a reporter at the National Interest. "And by imposing unrealistic restrictions on the development of affordable and reliable energy in places like Africa, the president is pushing developing nations into deeper poverty and reliance on China for their energy needs", Risch continued.

US Treasury Secretary Janet Yellen said on Thursday that the budget would push US debt above the size of the US economy but would not contribute to inflationary pressures.

Republicans' opposition is growing to much of Biden's push to spend more to revamp the USA economy, as they argue it could fuel inflation and tamp down corporate competitiveness.

"The best way to grow our economy is not from the top down, but from the bottom up and the middle out", Mr Biden said in his budget message. It would also give $6.5 billion to research and development for cancer and diseases like diabetes and Alzheimer's and $861 million to Central American countries to address the root causes of migration, among other initiatives.

It's up to Congress to implement it through tax and spending legislation and annual agency budget bills.