Biden $6 trillion federal budget, is it time to buy crypto?
President Joe Biden will seek $6 trillion in federal spending from the United States for the fiscal year of 2022, increasing to $8.2 trillion by 2031.
If President Biden gets his way, spending in fiscal 2022 will still be $6 trillion, which is some $2 trillion more than before the pandemic in 2019. Then spending will keep rising and remain a little under 25% of GDP for the rest of the decade. That level has never been reached in a single year since World War II, and the postwar pre-Covid average was 19.4%.
US President Joe Biden set to announce $6 Trillion budget.
Debt as a % of GDP will rise to highest levels since World War II.
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Biden’s proposal would increase the country’s debt to 117% of gross domestic product (GDP) by 2030. The ratio is usually an indicator of how much a country depends on debt to finance its operations, and economists are generally nervous when the figure gets too high.
The American Jobs Plan and American Families Plan, two already-public proposals from Biden, are also included in the plan. Combined, these two proposals aim to dramatically strengthen the social safety net and infrastructure of the country.
The budget proposal also includes:
“It seems like the billions keep coming in,” said Republican Sen. Shelley Moore Capito, who leads a parliamentary group seeking a counter offer to Biden’s current $ 1.7 trillion infrastructure proposal.
While the president can propose an annual budget for the United States government, it is up to Congress to pass spending bills. And while Democrats hold a majority in the US House of Representatives, they only limited control of the 50-50 split US Senate, with Democratic Vice President Kamala Harris in the runoff vote.