Biden's budget plan swells U.S. debt before tax hikes kick in | WHAT REALLY HAPPENED

Biden's budget plan swells U.S. debt before tax hikes kick in

U.S. President Joe Biden's $6 trillion budget plan foresees a big near-term increase in U.S. debt to fund his plans to reduce inequality, combat climate change, rebuild U.S. infrastructure and invest in new technologies, but counts on higher tax revenues to reduce deficits in the longer term.

The budget proposal released on Friday builds on a partial "skinny budget" the White House announced last month that sought spending increases for addressing climate change, fighting cancer and boosting underperforming schools. read more

Following are some takeaways from Biden's first comprehensive spending blueprint for fiscal year 2022 - a proposal that faces strong opposition from Republican lawmakers and will be subject to months of negotiation:

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