Biden Unveils $6 Trillion Budget That Will Raise Federal Spending To Highest Post-WW2 Level
US stock futures soared Thursday morning as President Biden unveiled his first federal budget, which calls for the government to spend $6 trillion in the 2022 fiscal year, with total annual spending set to increase to $8.2 trillion by 2031.
Stocks initially kneejerked higher, then retreated on the headlines reporting the proposed budget, which Biden can pass through the Senate using budget rules that allow Dems to circumvent the filibuster. According to the NYT, it calls for the highest sustained levels of federal spending since World War II.
With Dems in control of both Chambers of Congress, Biden faces some of the best odds of any recent president in terms of getting his budget through Congress. Odds will be particularly high if Biden can reach a deal on his infrastructure plan, which the GOP has so far resisted.
If passed in its current form, the federal government would spend what amounts to nearly a quarter of the country's total economic output every year over the course of the next decade.
zerohedge.com/political/biden-unveils-6-trillion-budget-will-raise-federal-spending-highest-post-ww2-level
US stock futures soared Thursday morning as President Biden unveiled his first federal budget, which calls for the government to spend $6 trillion in the 2022 fiscal year, with total annual spending set to increase to $8.2 trillion by 2031.
Stocks initially kneejerked higher, then retreated on the headlines reporting the proposed budget, which Biden can pass through the Senate using budget rules that allow Dems to circumvent the filibuster. According to the NYT, it calls for the highest sustained levels of federal spending since World War II.
With Dems in control of both Chambers of Congress, Biden faces some of the best odds of any recent president in terms of getting his budget through Congress. Odds will be particularly high if Biden can reach a deal on his infrastructure plan, which the GOP has so far resisted.
If passed in its current form, the federal government would spend what amounts to nearly a quarter of the country's total economic output every year over the course of the next decade.
zerohedge.com/political/biden-unveils-6-trillion-budget-will-raise-federal-spending-highest-post-ww2-level
Note
For my non-native English fans - Brrrrrr is in relation to the meme the US Fed and money printing:google.com/search?q=federal+reserve+money+printer+goes+brrrrr&tbm=isch&sxsrf=ALeKk01AseTfIJhH23i02RH8HEtx2qtsRQ:1622124889500&source=lnms&sa=X&ved=2ahUKEwjki8eOhurwAhULRzABHTQ5DaYQ_AUoA3oECAcQBQ&biw=1745&bih=852&dpr=1.1
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