Joe Biden budgeted a trillion dollars to ‘re-imagine’ the US economy

“We must use this moment to rethink and rebuild the new US economy,” Biden said. (File)

President Joe Biden on Friday proposed a trillion-dollar budget to “re-imagine” the US economy and curb Chinese competition, even if it plunges the United States into record debt – and Congress needs to approve it first.

Announcing the proposed spending, Biden said the United States “cannot go back to the way it was before.”

“We must use this moment to re-imagine and rebuild the new US economy,” he said.

The president’s annual budget is a message of desire or priority over others. Congress ultimately decides where the money goes, and the current Congress only has a narrow democratic majority.

Opposition Republicans are talking about a new role for the central government.

Kevin McCarthy, a Republican minority leader in the House of Representatives, called it “the most reckless and irresponsible budget proposal of my life.”

Even some Biden supporters have warned that the Covid 1 shutdown will already roar the economy, pushing up inflation.

But the grand plan signals a strong commitment to the White House biden campaign and his determination to rethink the relationship between government and business.

Under Biden’s blueprint, Spigot will raise ० .011 trillion in 2022, gradually increasing to 2 2.2 trillion in 2021. As a percentage of annual GDP, it is expected to soon surpass the level seen at the end of World War II.

Democrats made it clear where the lion’s share of the expected trillion price tag would go.

A large chunk will be the proposed बिल 2.3 trillion infrastructure bill, but वार् 1.7 trillion has fallen in negotiations with Congress.

Another .8 1.8 trillion will be spent by the growing state on subsidized education and social services – all, Biden says, as part of building a better 21st century workforce.

“The overall goal is to develop the American middle class,” Biden said, adding that the United States should compete with our rivals. “

Can you pass it?

The budget proposal has been unveiled just ahead of the long Memorial Day weekend and Congress is moving forward with a week off.

That time could spark immediate resentment on Capitol Hill, where many Democrats want Biden to use his control of Congress to use conversion laws but Republicans are playing hard to stop most of the president’s proposed activities.

Expenditure priorities are just one area of ​​division.

Republicans, for example, are unanimous in their opposition to Biden’s broad definition of infrastructure, including green energy and social programs.

But there is less agreement on how to pay for it.

Biden wants to raise money by eliminating Republicans who have passed under his predecessor, Donald Trump. He wants to go after the tax cuts used by ultra-rich and large corporations.

Republicans refuse to accept this and say their own, more modest, infrastructure spending plans can be paid for by recalculating money not already budgeted.

“President Biden’s proposal will plunge American families into debt, deficit and inflation,” said senior Republican Senator Mitch McConnell.

The White House is still a potential ace in a slim Democratic majority, despite the stand-off and Biden’s huge mega-budget criteria.

Generally, Biden needs at least 10 Republicans to pass an equally divided Senate, which is the highest order in a good order.

However if Democrats agree – which is not even guaranteed – they will be able to cross the budget through a quick-track process known as reconciliation.

(Except for the headline, this story is not edited by NDTV staff and is published from a syndicated feed.)

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