Well, President Biden is expected to unveil a $6 trillion budget. And if passed in its form currently, it would be the highest federal sustained spending since World War II. Now, the White House says it’s a big budget because we have big problems and big challenges ahead.
I want to walk you through what is in this budget, based on what we have been talking — what White House sources have been telling us all day.
There’s $8 trillion in total spending by 2031. There’s $6 trillion in spending for fiscal year 2022. There’s $1.52 trillion in discretionary spending. Now, that’s things like education, housing, public health and climate change. And then there’s $1 trillion in deficits for at least the next decade.
Now, White House Press Secretary Jen Psaki was out today. She said the budget that we will see more details on tomorrow, it reflects the priorities of President Biden, and that is about creating jobs and doing the types of things that he’s been talking about, which include having generational investments in Americans.