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Highlights of Biden's Budget Proposals

US

Biden proposes a budget of $ trillion for the 2022 fiscal year, according to The New York Times.


Highlights include:

  • Largest Federal Spending since WWII
  • Would imply deficits of over $1.3trillion for the next decade
  • Total spending would rise to $8.2 trillion by 2031
  • Would be funded by higher corporate and taxes on higher earners
  • Implies no major additional policies for this budget
  • Budget sees growth of just under 2% per year for most of the next decade after accounting for inflation. That's similar to post-crisis and 20-year average.
  • Unemployment seen falling to 4.1% by 2022 and would remain below 4% across the forecast horizon.
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