President Biden has released his $6 trillion budget. Here's what's in it.
President Joe Biden on Friday proposed a $6 trillion budget for fiscal year 2022, laying out details of a proposed dramatic increase in federal spending that serves as the underpinning of an economic agenda that seeks to transform the American economy as the country emerges from dual public health and economic crises.
The budget proposal, which is an opening bid in negotiations with Congress and is expected to change before being signed into law, calls for the most sustained period of spending in more than half a century. The White House budget serves more as a marker of administration priorities than a policy blueprint destined to be signed into law. It would invest heavily in Biden's top priority areas including infrastructure, education, research, public health, paid family leave and childcare.
The proposal includes the American Jobs Plan and the American Families Plan, the $4 trillion infrastructure, jobs and economic proposal that the President had previously laid out and is negotiating with lawmakers. It also outlines additional funds to launch a new health research agency to focus on diseases like cancer, and funds to address gun violence, tackle the climate crisis, help end homelessness and curb the opioid epidemic.
"This budget is an agenda for robust, durable economic growth and broadly shared prosperity. It will deliver a strong economy now and for decades into the future, and is an investment in Americans all across the country who power our economy," said Shalanda Young, the acting director of the Office of Management and Budget, in call with reporters on Friday.
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