Report: Joe Biden Budget Calls for $8.2 Trillion in Spending per Year by 2031 — Twice the Size of Pre-Pandemic Budget
President Joe Biden wants the federal government to spend $8.2 trillion per year by 2031, according to his planned budget set for release on Friday.
The president’s proposal will call for $6 trillion in spending 2022 fiscal year, and for total annual spending to rise to $8.2 trillion by 2031, according to documents obtained by the New York Times.
Former President Donald Trump was not considered a deficit or budget hawk, but Biden wants to double the proposed budget to twice that of the previous administration.
Biden’s $8.2 trillion number dwarfs Trump’s proposed $4.094 trillion budget for 2018.
The document estimates the total debt would rise to 117 percent of the United States economy by 2031, despite dramatic tax hikes on American companies and those making more than $400,000 a year.
Biden’s proposal will use the coronavirus pandemic as an argument for the dramatic redistribution of wealth, including massive spending on free social welfare programs.
Biden wants the government to pay more for free child care, free preschool, free community college, expanded levels of food stamps and a national paid leave program.
He also wants to spend billions promoting special interests invested in electric vehicles and wind and solar panels on top of infrastructure projects and broadband internet.
The president’s budget rarely becomes a reality, as Congress sets spending levels, but they offer a window into the thinking of the administration’s priorities.
The full budget is expected to be released by the White House on Friday.