Biden’s Budget Sees Low Inflation, Rising Debt and Slow Economic Growth

The proposal sheds new light on President Biden’s economic agenda and underscores the administration’s belief that the country’s fiscal situation is manageable.

WASHINGTON — President Biden’s $6 trillion budget proposal represents the largest increase in federal spending since World War II and offers the most detailed look to date of the White House’s economic priorities. The administration is currently in negotiations with lawmakers over how to enact the next phases of its agenda, and many of the provisions in the budget will be met with resistance from Republicans. But the proposal offers a new view into the costs of the Biden administration’s infrastructure and jobs plans and the effect that this broad expansion of the social safety net would have on the economy over the next decade. The budget also underscores the Biden administration’s belief that the fiscal situation is manageable, and that given historically low interest rates, now is the time to make major investments to combat climate change and reduce income inequality. White House officials see that spending as crucial to making the United States economy more competitive in the long run.