This time with tax increases too!
It’s been a whole 11 days since President Joe Biden signed a $1.9 trillion spending bill, so naturally the White House is already planning the next, even bigger spending package.
The New York Times reported Monday that Biden’s advisors are prepping a $3 trillion hike in federal spending. The money would go to infrastructure projects, climate change initiatives, community colleges, and a variety of other Democratic priorities. The plan may also include higher taxes on businesses and wealthy individuals, but it seems unlikely that the tax increases would offset such a massive spending binge. And that means Biden’s plan is almost certain to add to the $28 trillion (and rapidly growing) national debt.
This is the big-time spending package that Biden has been promising since last year’s presidential campaign. The pandemic bill passed earlier this month was merely a prelude.
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