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In a message to Congress, President Joe Biden proposed a budget of $ 6 trillion on Friday with which he intends to “reinvent” the United States economy. and compete with China.
The Covid-19 pandemic subjected the country to one of its worst economic crises, and although it is beginning to recover, it is still far from pre-pandemic levels.
“The United States cannot afford to simply go back to where it was before the pandemic and economic recession, with structural weaknesses and inequalities of the old economy still in force, “said the US president.
“We must seize the moment to reinvent and build a new American economy that invests in the promise and potential of every American,” Biden argued to members of Congress.
The head of state explained that a portion of the resources you are requesting would be earmarked for the infrastructure bill, originally proposed at $ 2.3 billion but has been reduced to $ 1.7 billion in negotiations with Congress.
Another $ 1.8 trillion would be used for state funding of education and social services, as part of building a better workforce in the 21st century.
Under Biden’s plan, the coffers would release some $ 6 trillion in 2022, with gradual increases to reach $ 8.2 trillion in 2031.
President Biden assures that the objective of this plan is to do growing the American middle class, as well as placing the United States in a better position vis-à-vis its rivals.
Biden released his draft budget just before the Memorial Day long weekend and at a time when Congress is taking a week-long recess.
The presidential proposal directs the United States towards another record debt with trillions of dollars of investment, since it now represents more than 100% of the Gross Domestic Product and is expected to reach 111.8% of GDP in 2022 and 117% in 2031.
Presidential plans require large funds, and Biden has also spoken out for aggressively pursuing fiscal loopholes that large, millionaire corporations take advantage of. But Republicans refuse to accept that procedure, arguing that their own infrastructure spending plans could be paid for by reallocating unspent money from the already approved budget.
White House officials have pointed out at the time that the Biden administration’s projects seek to combat historic inequality in the country, combat climate change and provide better free public education.
With information from AFP
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.