President Joe Biden has taken a go-big approach to his young presidency, and his 2022 budget proposal released Friday afternoon follows suit: The president is asking Congress for a historically high $6 trillion in spending.

In many ways, the fiscal 2022 budget plays to the “tax-and-spend” moniker Republicans have derisively applied to Democrats. Not only does it include historically high spending on domestic initiatives, but the programs would be financed by tax hikes on corporations and on high-income earners. The 2022 budget deficit would be more than $1.84 trillion, dropping after that to more than $1.37 trillion, the budget document projects.

But the document also reflects a new populist approach Biden has taken to budgeting – spend big on public works, help for the unemployed and struggling families, and bank on those investments paying off in a stronger economy, higher wages and reduced poverty.

“Where we choose to invest speaks to what we value as a Nation,” Biden said in his opening statement to Congress.

“This year’s Budget, the first of my Presidency, is a statement of values that define our Nation at its best. It is a Budget for what our economy can be, who our economy can serve, and how we can build it back better by putting the needs, goals, ingenuity, and strength of the American people front and center.”

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