A $6 trillion Budget Lays Out Biden’s Vision, but Republicans Unlikely to Be Swayed
The White House on Friday will present President Joe Biden’s budget for trillions of dollars in spending on infrastructure, education and other initiatives, but the plan is unlikely to sway Republicans who want to tamp down US government spending.
Biden, a Democrat, will put price tags on his policy priorities aimed at fighting US inequality and climate change, and increasing funding for research, education and childcare in what is expected to be a roughly $6 trillion blueprint for the fiscal year that starts on Oct. 1.
The budget is Biden’s first full spending outline since taking office in January and serves as the fiscal blueprint for his political priorities. Its release at 1:30 p.m. ET will kick off what will likely be months of difficult negotiations with Congress, which needs to approve most of the spending.
It will build on a partial “skinny budget” the White House released last month that sought spending increases for fighting climate change, cancer and underperforming schools.
The new, longer document will spell out allocations for foreign aid, immigration and other areas.
Republicans’ opposition is growing to much of Biden’s push to spend more to revamp the US economy, as they argue it could fuel inflation and tamp down corporate competitiveness.
Biden has tussled with Republicans over the price of his initiatives, recovery from the pandemic and improvement of roads and bridges. No Republicans voted for his $1.9 trillion stimulus bill, but some touted its benefits later, drawing some chiding from the president.
Biden’s budget will reflect his initial proposal for some $4 trillion in spending on infrastructure, childcare and public education, including free community college tuition.
The White House has since said it would accept a less costly infrastructure bill of $1.7 trillion instead of the originally proposed $2.2 trillion plan. Republicans countered with a $928 billion offer, which has kept talks alive.
Biden has pledged to fund his proposals by increasing taxes on corporations and wealthy people as he seeks to create a reshaped, more equitable economy in the aftermath of the coronavirus pandemic.
US Treasury Secretary Janet Yellen said on Thursday that the budget would push US debt above the size of the US economy but would not contribute to inflationary pressures.
Despite the large price tag, not all of the promises Biden made as a presidential candidate will make it into the plan, the White House has said, sparking disappointment from progressive Democrats, who favor bigger increases in spending on social programs and cuts to defense.
The budget will include some $715 billion for the Department of Defense and modernization of the nuclear arsenal to deter China, while also developing future warfare capabilities, according to people familiar with the matter.