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May 28, 2021 President Joe Biden is asking Congress to approve a $6 trillion budget for the 2022 fiscal year the most lavish level of federal spending since 1945. As the government funds a host of social welfare, infrastructure, education, and climate change measures, total expenditures will climb to $8.2 trillion by 2031. For a decade, the government will run a deficit of at least $1.3 trillion, according to Biden’s budget proposal, which was released May 28. In part, this spending will be funded by $2 trillion by taxing corporations and wealthy individuals at a higher rate and by cracking down on offshoring profits. Biden plans to raise the corporate tax rate from 21% to 28%. The US government will also borrow extensively, and Janet Yellen, the Treasury secretary, told the US House on May 27 that she would be looking at the cost of interest on these loans to “judge the sustainability of federal finances.” The government expects interest payments to stay below 2% of GDP over

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