U.S. President Joe Biden on Saturday presented a USE 6 trillion budget for next year that's piled high with new safety net programs for the poor and middle class, but his generosity depends on taxing corporations and the wealthy to keep the nation's spiking debt from spiralling totally out of control.

Biden inherited record pandemic-stoked spending and won a major victory on COVID-19 relief earlier this year. Saturday's rollout adds his recently announced infrastructure and social spending initiatives and fleshes out his earlier plans to sharply increase spending for annual Cabinet budgets.

This year's projected deficit would set a new record of USD3.7 trillion that would drop to USD1.8 trillion next year still almost double pre-pandemic levels. The national debt will soon breach USD30 trillion after more than USD5 trillion in already approved COVID-19 relief. As a result, the government must borrow roughly 50 cents of every dollar it spends this year and next.

The budget incorporates the administration’s eight-year, USD2.3 trillion infrastructure proposal and its USD1.8 trillion American Families Plan and adds details on his USD1.5 trillion request for annual operating expenditures for the Pentagon and domestic agencies.

With the deficit largely unchecked, Mr. Biden would use proposed tax hikes on businesses and high-earning people to power huge new social programs like universal pre-kindergarten, large subsidies for child care and guaranteed paid leave.

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