{"id":542509,"date":"2021-05-27T09:35:35","date_gmt":"2021-05-27T13:35:35","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=542509"},"modified":"2021-05-27T09:35:37","modified_gmt":"2021-05-27T13:35:37","slug":"report-biden-to-propose-6-trillion-budget-that-would-break-debt-records","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-biden-to-propose-6-trillion-budget-that-would-break-debt-records\/","title":{"rendered":"REPORT: Biden To Propose $6 Trillion Budget That Would Break Debt Records"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freport-biden-to-propose-6-trillion-budget-that-would-break-debt-records%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=542509&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/joe-biden-1-scaled-e1622121287383.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>Joe Biden is expected to propose a $6 trillion budget for 2022 that would break historical debt records, the New York Times reported Thursday.<\/p>\n<p>The budget will drive federal spending to $8.2 trillion by 2031, <a href=\"https:\/\/www.nytimes.com\/2021\/05\/27\/business\/biden-plan.html\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to the Times. Federal debt would reach 117% of economic output by 2031, and would break the record set by the United States in World War II by 2024.<\/p>\n<blockquote class=\"twitter-tweet\" readability=\"7.6363636363636\">\n<p dir=\"ltr\" lang=\"en\">Breaking News: President Biden will propose a $6 trillion budget that would take the U.S. to its highest sustained levels of federal spending since World War II.<a href=\"https:\/\/t.co\/QhXqgAug27\">https:\/\/t.co\/QhXqgAug27<\/a><\/p>\n<p>\u2014 The New York Times (@nytimes) <a href=\"https:\/\/twitter.com\/nytimes\/status\/1397886758679986178?ref_src=twsrc%5Etfw\">May 27, 2021<\/a><\/p>\n<\/blockquote>\n<p>The budget is expected to include money for traditional infrastructure needs, such as roads, pipes, and broadband internet, as well childcare subsidies, universal pre-kindergarten, and national paid parental leave, according to the Times. <strong><a href=\"https:\/\/dailycaller.com\/2021\/04\/07\/senator-kirsten-gillibrand-child-care-paid-leave-infrastructure-democrats-spending-bill\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Sen. Kirsten Gillibrand Says The Quiet Part About Biden\u2019s \u2018Infrastructure\u2019 Plan Out Loud)<\/a><\/strong><\/p>\n<p>The budget will reportedly be financed by increased taxes on corporations and wealthier Americans, but the hikes will not be enough to finance the entirety of Biden\u2019s proposal. This is similar to the <a href=\"https:\/\/dailycaller.com\/2021\/03\/10\/congress-bidens-american-rescue-plan-us-coronavirus-spending-staggering-high\/\" target=\"_blank\" rel=\"noopener noreferrer\">American Rescue Plan<\/a> (ARP), which is expected to raise the debt by $3.8 trillion by 2031, <a href=\"https:\/\/www.crfb.org\/blogs\/american-rescue-plan-could-set-stage-4-trillion-debt\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to the Committee for a Responsible Federal Budget.<\/p>\n<p>Many states, including big-spending <a href=\"https:\/\/apnews.com\/article\/california-health-personal-taxes-immigration-business-555e6ec5ba03fa7a0eaade211df21c08\" target=\"_blank\" rel=\"noopener noreferrer\">California<\/a>, <a href=\"https:\/\/www.thecentersquare.com\/illinois\/pritzker-defends-call-for-federal-bailout-despite-budget-surplus\/article_bbd98124-77a6-11eb-a54e-fb38ad5062d8.html\" target=\"_blank\" rel=\"noopener noreferrer\">Illinois<\/a>, and <a href=\"https:\/\/www.gothamgazette.com\/city\/10229-new-york-city-state-budget-federal-bailout-cuomo-de-blasio-biden-stimulus\" target=\"_blank\" rel=\"noopener noreferrer\">New York<\/a>, already have budget surpluses as a result of federal bailout money from the ARP. Many <a href=\"https:\/\/dailycaller.com\/2021\/05\/24\/economists-inflation-federal-reserve-national-association-for-business-economics\/\" target=\"_blank\" rel=\"noopener noreferrer\">economists<\/a> believe that the <a href=\"https:\/\/dailycaller.com\/2021\/05\/20\/federal-reserve-joe-biden-heritage-foundation\/\" target=\"_blank\" rel=\"noopener noreferrer\">large<\/a> amounts of cash disbursed by the Biden administration through the ARP are a key cause of current levels of inflation.<\/p>\n<p>\u201cWhen you add $1.9 trillion to an economy that is only $400 billion away from its optimal performance, you\u2019re going to have a lot of excess spending that just goes into higher prices and inflation. And we\u2019re starting to see that right now,\u201d Manhattan Institute economist Brian Riedl <a href=\"https:\/\/dailycaller.com\/2021\/05\/15\/analysis-american-rescue-plan-limits-government-spending-common-good-conservatives\/\" target=\"_blank\" rel=\"noopener noreferrer\">told<\/a> the Daily Caller in an early May interview.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Joe Biden is expected to propose a $6 trillion budget for 2022 that would break historical debt records, the New York Times reported Thursday.The budget will drive federal spending to &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2313231,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/joe-biden-1-scaled-e1622121287383.jpg","fifu_image_alt":"REPORT: Biden To Propose $6 Trillion Budget That Would Break Debt Records","footnotes":""},"categories":[],"tags":[],"class_list":["post-542509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/joe-biden-1-scaled-e1622121287383.jpg","fifu_image_alt":"REPORT: Biden To Propose $6 Trillion Budget That Would Break Debt Records","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/542509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=542509"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/542509\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2313231"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=542509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=542509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=542509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}