Biden unveils record $6 trillion budget for 2022
CBSN
President Biden on Friday unveiled an historically large $6 trillion 2022 budget, making his case to Congress that now is the time for America to spend big.
In his first budget proposal, which includes roughly $4 trillion in hoped-for infrastructure and families plan spending in the years ahead, there would be continued deficits and the national debt would continue to rise, even as it eclipses the country's Gross Domestic Product, or GDP. In fiscal year 2022, the debt held by the public is expected to be $26.3 trillion, while GDP is expected to be $23.5 trillion. Despite campaigning to an extent on moderation, Mr. Biden's budget is, even in the words of White House officials on a call with reporters Friday, "transformational" and assumes a broader role for the federal government in the social safety net.
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