US President Joe Biden proposed today, Friday, a budget of $ 6 trillion, to finance his ambitious plan to renew the economy in 2022, which would plunge the United States into record debt if approved by Congress.
Biden said when announcing the project, "It is not possible for the United States after the epidemic to simply return to how things were in the past."
He continued, "We must seize the moment to reimagine and rebuild a new American economy."
The president´s annual budget announcement is more like a list of aspirations or a message about his priorities than anything else.
Ultimately, the decision on how to allocate the money rests with Congress, where Democrats currently hold a slim majority.
Under Biden, $ 6,011 trillion will be allocated for 2022, with incremental increases reaching $ 8.2 trillion in 2031.
The debt-to-GDP ratio is expected to rise rapidly, surpassing the level recorded at the end of World War II.
