The public debt is on track to remain above World War II levels for years
* The U.S. is on track to run annual deficits of $1.3 trillion
* Spending would hit $8.2 trillion in a decade
* Public debt to stay above 100 per cent of GDP
* Budget includes Biden's spending plans for infrastructure, education and health spending, defense, and coronavirus recovery
* Annual deficits have been on the rise since 2015 President Joe Biden is set to unveil a massive spending proposal that includes $6 trillion in government funding for the next fiscal year – an amount that would bring federal spending up to levels not seen since World War II.
The budget would have the nation continue running deficits of more than $1 trillion, a level it already topped with the onset of the pandemic – with estimated annual deficits of $1.3 trillion amid enacted and proposed federal programs.
The spending levels would continue on an upward trajectory, hitting $8.2 trillion at the end of a decade, according to detailed top-line numbers that leaked to the New York Times.
Read more ....
WNU Editor: Here is an easy prediction. Expect high levels of inflation in the coming years. All that I can say is "Thank God" that I do not hold any US currency or long term US bonds.
More News On Reports That US President Biden Will Announce A $6 Trillion Budget On Friday
Biden to Propose $6 Trillion Budget to Boost Middle Class and Infrastructure -- DNYUZ/New York Times
Biden Unveils $6 Trillion Budget That Will Raise Federal Spending To Highest Post-WW2 Level -- Zero Hedge
Biden to push $6 trillion U.S. budget for next fiscal year - NYT -- Reuters
0 Response to "US President Biden Will Announce A $6 Trillion Budget On Friday"
Post a Comment