Highlights of Biden's Budget Proposals

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.