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Biden unveils $5.8-trillion Budget plan with record increase in tax

The White House included measures that would add up to the biggest tax increase in history in dollar terms, helping stabilise deficits relative to the size of the economy.

Joe Biden
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US President Joe Biden. Photo: Reuters

Bloomberg
President Joe Biden unveiled a $5.8 trillion budget request designed to appease moderate Democrats on Monday, with a proposal that emphasised deficit reduction, additional funding for police and veterans, and flexibility to negotiate new social spending programs.

Congress historically sets presidential budgets aside, but they do form a key messaging device. The White House included measures that would add up to the biggest tax increase in history in dollar terms, helping stabilise deficits relative to the size of the economy.

The 2023 budget calls for $1.598 trillion in so-called discretionary spending. The president also sidestepped fragile negotiations over the remnants of his

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First Published: Mar 28 2022 | 11:02 PM IST

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