WASHINGTON (Reuters) -The White House on Friday sent Congress a $6 trillion budget plan that would ramp up spending on infrastructure, education and combating climate change, arguing it makes good fiscal sense to invest now, when the cost of borrowing is cheap, and reduce deficits later.
The first comprehensive budget https://www.whitehouse.gov/omb/budget offered by Democratic President Joe Biden faces strong opposition from Republican lawmakers, who want to tamp down U.S. government spending and reject his plans to hike taxes on the rich and big corporations.
Biden's plan for fiscal year 2022 calls for $6.01 trillion in spending and $4.17 trillion in revenues, a 36.6% increase from 2019 outlays, before the coronavirus pandemic bumped up spending. It projects a $1.84 trillion deficit, a sharp decrease from the past two years because of the COVID-19 pandemic, but up from 2019's $984 billion.
Full story at Yahoo News.
By Andrea Shalal, Jarrett Renshaw and Jeff Mason.
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