6 minutes agoBeden proposes US budget for next year, here's the figure
Periskopi(5 years ago)
(5 years ago)The President of the United States, Joe Biden, has proposed a budget of $6 trillion for next year. Programs for the poor and middle class and corporate and wealthy tax are presented in the document. The White House chief has inherited record expenses during the pandemic, while marking great victory this year with [...]
The White House chief has inherited record expenses during the pandemic, while marking great victory this year with the approval of the recovery package. Beden has earlier undertaken initiatives for investments in infrastructure and social spending.
This year's projected deficit is expected to reach a record $3.7 trillion, while the figure is expected to drop to $1.8 trillion next year. The public debt of the United States will soon total $30 trillion, since over $5 trillion has already been approved for the recovery package. As a result, the government must borrow about 50 percent of the money it will spend this year and next year.
Beden is aiming to use his proposal to raise corporate taxes and high-income individuals to finance new social programmes, such as caring for small children, financial support for child care, and guaranteed pay off, writes Independent.
White House chief for the budget, Shala Young, said President Biden's plan does exactly what he said he would. The “will stay the economy, create jobs and very responsible jobs will require richer Americans and large corporations to pay their fair share”, she said.
