Joe Biden unveiled a $7.3tn budget plan for 2025 which would push US debt over 100 per cent of gross domestic product, as the president laid out a fiscal agenda that boosts spending but plans to save $3tn through higher taxes over 10 years.
The administration’s fiscal projections were announced in its annual budget proposal on Monday, which is designed to draw a sharp contrast with former president Donald Trump’s economic plans ahead of the presidential election in November.
Trump has vowed to renew the sweeping tax cuts enacted during his term in the White House in 2017, and limit government spending, while Biden is planning to raise taxes on big businesses and the wealthiest households to reduce deficits, offer tax credits to families with children, and help preserve funding for social programmes.