On Friday Joe Biden is set to release a proposal that would boost federal spending to $6 trillion in the coming fiscal year, WSJ reported.
- The proposals indicate that spending will continue to rise and reach $8.2 trillion by 2031.
- The U.S. will also see annual deficits over $1.3 trillion and federal debt at 117% of the gross domestic product in the next decade.
- The documents will be released by President Joe Biden on Friday and are expected to be largely aspirational.
- The proposal that will be released publicly includes a breakdown of Biden’s planned tax hikes.
- Also expected in the budget documents set for release are details on specific programs, and macroeconomic forecasts of the administration.
- The White House in April released a $1.52-trillion discretionary spending request, including a 15.9% hike in domestic outlays.