Biden's $6 trillion budget: Social spending, taxes on business

WASHINGTON: President Joe Biden on Friday unveiled a $6 trillion budget for next year that's piled high with new safety net programs for the poor and middle class, but his generosity depends on taxing corporations and the wealthy to keep the nation's spiking debt from spiraling totally out of control.

Biden has already described, in general terms, major plans on infrastructure and he won a major victory on COVID-19 relief earlier this year. But Friday's rollout tallies up the costs and incorporates them into the government's existing budget framework, including Social Security and Medicare, to provide a fuller view of the administration's fiscal posture. The whopping deficit projections reflect a government with steadily accumulating debt that has topped $28 trillion after well over $5 trillion in already approved COVID-19 relief, which would require the government to borrow roughly 50 cents of every dollar it spends this year and next. With the government's structural deficit remaining unchecked, Biden would use proposed tax hikes on businesses and high-earning people to power huge new social programs like universal prekindergarten, large subsidies for child care and guaranteed paid leave.