U.S. President Joe Biden has submitted a 6,700 trillion won super budget to Congress for the 2022 fiscal year.
President Biden submitted a budget for over 1,700 pages to Congress, which is expected to spend $6.1 trillion in fiscal year 2022 starting in October this year, and 6,700 trillion won in Korean money.
This is the first budget bill issued by President Biden after taking office.
The previously proposed $2.5 trillion infrastructure investment plan and $1.8 trillion welfare plan were reflected, and $1.5 trillion in discretionary expenditures for defense and education were included.
Policy priorities are reflected in the president’s budget, but President Biden has come up with a budget that focuses on infrastructure investment, expanding social safety nets, and easing income inequality.
President Biden said, “It’s a budget that reflects the fact that the falling water economy didn’t work at all, and the best way to grow our economy is not from above, but from below and in the middle.”
The New York Times said it was the largest since World War II, and Bloomberg said it was a budget that details President Biden’s plan to dramatically expand the size and scope of the federal government.
The problem is the snowballing deficit.
According to President Biden’s budget, federal spending is expected to increase to $8.2 trillion in 2031, and the annual fiscal deficit is expected to reach $1.3 trillion over the next 10 years.
Negotiations with the Republican Party are expected to be difficult.
Even on issues that have already begun in parliamentary negotiations, such as infrastructure investment, the Republican Party strongly opposes, saying that the scale is too large and cannot agree to finance funding, especially with tax increases.
(Photo = Getty Image Korea)