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Biden offers $ 6 trillion budget: "direct investment in citizens"
The U.S. president has unveiled his first budget, funded through taxes on the rich and increasing national debt. $ 800 billion will be allocated to fight climate change. "It will strengthen the economy in the long run," said the Democratic president who needs congressional approval.
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Joe Biden
United States
News agencies
Saturday, 29 May 2021, 11:32
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Wants to increase the army budget.
Biden in a speech at a base in Virginia, yesterday (Photo: Reuters)
US President Joe Biden has released his first annual budget proposal, which amounts to an astronomical sum of six trillion dollars. Among other things, it includes increased taxes on the rich, investments in social programs and the fight against climate change.
Under the plan, which needs congressional approval, the national debt will reach 117 percent of GDP by 2031, the highest rate since World War II. This is despite estimated $ 3 trillion in revenue from corporation taxation, capital gains and the highest incomes. Also during the tenure of former President Donald Trump, his latest budget proposal had a $ 4.8 trillion
budget
tag.
$ 1 trillion and the $ 1.8 trillion families program, in
addition to which
$ 800 billion
will be allocated
Dollars to fight global warming, including investing in green energy;
$ 200 billion
will be allocated to free education places for ages three and four;
$ 109 billion
will be allocated to fund two years of free education at public colleges;
$ 225 billion
for families and sick leave, like other rich countries in the world;
$ 115 billion
to upgrade roads and bridges and
$ 160 billion
for public transportation and trains;
And
one hundred billion
dollars for improving Internet access for all citizens.
"This is a direct investment in the citizens of the United States and it will strengthen the economy of our country and improve our economic health in the long run," Biden said.
The White House said the proposal would help the economy grow from the bottom up.
Deadline for transferring the budget - until September
The Democratic president has been praised by his party's progressives after the budget did not include a federal clause banning the use of public funds to fund abortions except in cases of rape and incest. He is the first president not to include this section after many decades, after having supported him for many years. He announced the change in his position during last year's election campaign.
Biden is expected to face a tough battle in the Senate, where some members of his party's moderate wing may join Republicans in demanding that the section be upheld. Democrats control the House of Representatives, while in the Senate their majority is of one tie-breaking vote of Vice President Camela Harris. If the budget does not go through both houses by September, the administration may go into partial shutdown.
Republicans in the Senate have already made clear their fierce opposition to Biden's proposal. Senate Republican minority leader Mitch McConnell described it as a "socialist daydream," and Sen. Lindsay Graham said it "would happen insanely."
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