President Joseph Biden unveiled a proposed $6 trillion budget for the U.S. Friday, forecasting 5% economic growth this year but no permanent inflationary impact.
The plans include previously announce proposals for a $2.3 trillion jobs and infrastructure plan and $1.8 billion in spending to boost education and families, both of which are receiving sharp pushback from Congressional Republicans.
Biden’s move comes as the U.S. economy is accelerating its reopening from pandemic shutdowns thanks to widespread vaccinations against COVID-19 that have reached at least half of Americans over the age of 12.
Biden’s spending plans seek to follow through on campaign pledges to rebuild the U.S. middle class. It calls for spending of $6 trillion, $4.2 trillion in revenue, with a $1.8 trillion deficit for fiscal year 2002.
Among the spending plans are efforts to address economic inequality, four more years of free public education, including two years of community college, as well as spending targeting climate change.
“Failing to make these investments at a time of such low interest costs would be a historic missed opportunity that would lead future generations worse off,” White House acting budget director Shalanda Young said in a statement.
Biden wants to pay for the spending through higher taxes on wealthy Americans and corporations.
The measure forecasts the national debt will reach 117% of the size of the economy by 2031, higher even than it reached during the height of World War II.
Presidential budget proposals serve as blueprints for Congressional consideration but seldom are approved without major revisions and changes.
Congressional Republicans have already indicated sharp opposition to many of Biden's proposals, and have seized on recent inflation reports as a sign that the assumptions in the plan are overly optimistic.