Biden’s $6T budget: Social spending, taxes on business ...Egypt

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Biden’s $6T budget: Social spending, taxes on business
source : EGYPT INDEPENDENT ( Egypt ) () 3
WASHINGTON (AP) — President Joe Biden is proposing a $6 trillion budget for next year that’s piled high with new safety net programs for the poor and middle class, but his generosity depends on taxing corporations and the wealthy to keep the nation’s spiking debt from spiraling totally out of control. Biden inherited record pandemic-stoked spending and won a major victory on COVID-19 relief earlier this year. Friday’s rollout adds his recently announced infrastructure and social spending initiatives and fleshes out his earlier plans to sharply increase spending for annual Cabinet budgets. This year’s projected deficit would set a new record of $3.7 trillion that would drop to $1.8 trillion n

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