Joe Biden and Kamala Harris Will Unveil $6 Trillion Budget That Would Set New Spending Records & Drive America Deeper Into Debt

Joe Biden and Kamala Harris Will Unveil $6 Trillion Budget That Would Set New Spending Records & Drive America Deeper Into Debt

Joe Biden and Kamala Harris’ budget-busting agenda will take more money out of hard-working Americans’ pockets and put our country further into debt.

May 27, 2021
Joe Biden and Kamala Harris Will Unveil $6 Trillion Budget That Would Set New Spending Records & Drive America Deeper Into Debt

Joe Biden and Kamala Harris will reportedly put forward a $6 trillion budget on Friday that would “take the United States to its highest sustained levels of federal spending since World War II, while running deficits above $1.3 trillion throughout the next decade,” according to a report from the New York Times.

The Biden administration’s $6 trillion request to Congress comes in light of Democrats’ overall efforts to push forward their tax-and-spend infrastructure packages, social justice initiatives, and job-killing energy policies.

New York Times: “The levels of taxation and spending in Mr. Biden’s plans would expand the federal fiscal footprint to levels rarely seen in the postwar era, to fund investments that his administration says are crucial to keeping America competitive. That includes money for roads, water pipes, broadband internet, electric vehicle charging stations and advanced manufacturing research. It also envisions funding for affordable child care, universal prekindergarten, a national paid leave program and a host of other initiatives.”

Joe Biden plans to fund Democrats’ big-spending agenda by imposing the largest federal tax hike since 1993.

New York Times: “By 2028, when Mr. Biden could be finishing a second term in office, the government would be collecting more tax revenue as a share of the economy than almost any point in modern statistical history; the only other comparable period was the end of President Bill Clinton’s second term, when the economy was roaring and the budget was in surplus.”

However, the New York Times notes that the budget costs will not be fully offset by the tax increases until 2036. In the meantime, the federal budget deficit is expected to rise and our debt will hit its “highest level in American history.”

New York Times“Under Mr. Biden’s proposal, the federal budget deficit would hit $1.8 trillion in 2022, even as the economy rebounds from the pandemic recession to grow at what the administration predicts would be its fastest annual pace since the early 1980s. It would recede slightly in the following years before growing again to nearly $1.6 trillion by 2031.

“Total debt held by the public would more than exceed the annual value of economic output, rising to 117 percent of the size of the economy in 2031. By 2024, debt as a share of the economy would rise to its highest level in American history, eclipsing its World War II-era record.

Despite the White House’s extensive spending, Biden’s economic team is predicting “sluggish” economic growth as a result.

New York Times: “Mr. Biden’s aides predict that even if his full agenda were enacted, the economy would grow at just under 2 percent per year for most of the decade, after accounting for inflation. That rate is similar to the historically sluggish pace of growth that the nation has averaged over the past 20 years. Unemployment would fall to 4.1 percent by next year — from 6.1 percent today — and remain below 4 percent in the years thereafter.”

Bottom line: Joe Biden and Kamala Harris’ budget-busting agenda will take more money out of hard-working Americans’ pockets and put our country further into debt.