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Joe Biden's budget risks record government debt

Joe Biden’s budget risks record government debt

We cannot afford to go back to how it was before. Biden said when he presented a very comprehensive budget proposal on Friday, we should take advantage of this moment to rethink and rebuild. A budget likely to put the United States in record debt.

Portions of the budget were introduced early in April, but the document was expanded with items relating to, among other things, aid and immigration.

The United States ended the fiscal year that ran from October 1 to late September. The state budget must be approved by Congress and it is unlikely that it will be passed in its current form. The president’s budget proposal is seen as a political document and a starting point for negotiations.

The president hopes so Infrastructure investments mean that “the United States is outperforming its competitors.”

However, Republicans in Congress, who ideologically defend a small state apparatus, are unlikely to be persuaded easily. None of them voted for the $ 1.900 billion coronavirus aid package that was adopted shortly after Biden joined. And the $ 2,200 billion White House infrastructure repair didn’t hit good soil either. Republicans recently put out a $ 928 billion counter-offer.

The fact that the president promised to fund his proposals with higher corporate and wealthier corporate taxes in the country is another nail in the opposition party’s eye.

At the same time, Biden proposes Increase the salaries of US soldiers by 2.7 percent, and a 1.7 percent increase in the Army and National Security budget, which will therefore be $ 753 billion.

Treasury Secretary Janet Yellen said on Thursday that Biden’s budget will lead to the central government’s debt becoming larger than the country’s economy.

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