Biden’s $6T budget: Social spending, taxes on business

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WASHINGTON (AP) — President Joe Biden is proposing a $6 trillion budget for next year that’s piled high with new safety net programs for the poor and middle class. But Biden’s generosity depends on taxing corporations and the wealthy to keep the nation’s spiking debt from spiraling totally out of control. The budget features whopping deficit projections that 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.

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