Biden Budget Proposal Outlines Social Spending, Business Tax Hikes
The Biden plan comes as the White House is seeking an agreement with Senate Republicans over infrastructure spending.
ANDREW TAYLOR
WASHINGTON (AP) President Joe Biden’s $6 trillion budget proposal for next year would run a $1.8 trillion federal government deficit despite a raft of new tax increases on corporations and high-income people designed to pay for his ambitious spending plans.
Biden had already announced his major budget initiatives, but during a rollout Friday he will release them as a single proposal to incorporate them into the government’s existing budget framework, including Social Security and Medicare. That provides a fuller view of the administration’s fiscal posture.