Biden’s $6T budget: Social spending, taxes on business | Business News

Biden has already described, in general terms, major plans on infrastructure and he won a big victory on COVID-19 relief earlier this year. Friday’s rollout incorporates those costs into the government’s budget framework, including Social Security and Medicare, providing a fuller view of the administration’s fiscal posture.

The administration sees a $1.8 trillion deficit next year and steadily accumulating federal debt that has topped $28 trillion after well over $5 trillion in already approved COVID-19 relief. As a result, the government must borrow roughly 50 cents of every dollar it spends this year and next.

With the deficit’s growth largely unchecked, Biden would use proposed tax hikes on businesses and high-earning people to power huge new social programs like universal prekindergarten, large subsidies for child care and guaranteed paid leave.

“The best way to grow our economy is not from the top down, but from the bottom up and the middle out,” Biden said in his budget message. “Our prosperity comes from the people who get up every day, work hard, raise their family, pay their taxes, serve their Nation, and volunteer in their communities.”