U.S. President Joe Biden on Friday will ask Congress for the authority to spend nearly $6 trillion in 2022, which would give him the resources to begin implementing an ambitious agenda of infrastructure investment and expanded social programs. However, the blueprint would also increase federal spending to a nearly unprecedented share of the U.S. economy and drive the national debt to new highs.
The budget request will forecast continued increases in federal spending over the next decade, eventually rising to $8.2 trillion in 2031, according to The New York Times. Much of that increase reflects the $2.3 trillion infrastructure plan and $1.8 billion education and families plan the president wants to begin rolling out, though neither has yet passed Congress.
Much of the new spending would be paid for with proposed tax increases on the wealthy and on corporations. However, the administration projects that the federal government will still run deficits of more than $1.3 trillion per year over the coming decade before the budget begins to trend back toward balance.