US President Joe Biden on Friday presented to Congress a detailed draft of the country’s budget for the upcoming fiscal year 2022, it provides for an increase in government spending almost four times – up to $ 6 trillion.
According to a document published on the White House website, the amount of government spending put by the Biden team in the budget has increased from $ 1.52 trillion (in the April edition) by almost four times. Such spending by the US government is expected to be the largest since the end of World War II.
The proposed spending for the Pentagon was unchanged from the original version and amounted to $ 715 billion. In general, Biden is asking Congress for almost 753 billion dollars for defense needs (+12.5 billion dollars compared to the previous year). The key objectives of defense spending, as before, are called the reflection of the threat from China and Russia. A new line in the budget is proposed to make the fight against “domestic terrorism,” which was talked about after the storming of the Capitol – it is proposed to spend $ 131 million.
In the US budget for the upcoming fiscal year, Biden and his team propose to put revenues in the amount of approximately $ 4.17 trillion. It is assumed that the revenue will grow due to the increased tax burden on companies and individuals with high incomes.
The President’s draft budget is a request to Congress and is preliminary in nature. In the future, the figures are usually adjusted, but the document clearly shows the priorities of a particular American administration. The document was presented to Congress on Friday afternoon, before a long break in its work on the occasion of Memorial Day in the United States (this year falls on May 31). Thus, congressmen will not be able to start discussing the draft presidential budget until after this break.
