Civic Register
| 5.29.21

Biden Releases Budget With $5 Trillion in New Spending

Do you support or oppose Biden’s budget proposal?

This content leverages data from USAFacts, a non-profit that visualizes governmental data. You can learn more on its website, Facebook, and Twitter.

  • The Office of Management and Budget (OMB) on Friday released President Joe Biden’s budget request for fiscal year 2022, which includes $5 trillion in new spending that would increase deficits by about $1.4 trillion compared to current law over the next decade. 
  • Presidential budget requests typically don’t share much in common with what Congress approves through its budgeting and appropriations processes, so they’re largely symbolic documents meant to serve as a blueprint for the administration’s vision. Nonetheless, they include detailed projections for government spending, and the national debt, so here’s a look at the numbers.

SPENDING & TAXES

  • Biden’s budget proposes about $5 trillion in new federal spending over the next decade that comes in addition to the $1.6 trillion in discretionary spending and $3 trillion in mandatory spending that occurs annually. 
  • That would increase total federal spending to more than $6 trillion in FY2022 and over $8.2 trillion by 2031, which is well above the roughly $4 trillion in spending that occurred in the years preceding the pandemic as this USAFacts chart shows: 

  • The $5 trillion in new spending includes Biden’s $2.6 trillion trillion “American Jobs Plan” plus his $1.7 trillion “American Families Plan” and a $600 billion increase in non-defense discretionary spending. 
  • The new spending would be partially offset by tax hikes ― including $2.1 trillion from increased corporate taxes, $756 billion from higher taxes on high-income earners and on capital gains, and $711 billion from increased tax enforcement ― and by limiting growth in defense spending by $169 billion. 
  • Biden’s budget projects that the collection of tax revenue would exceed $4 trillion for the first time ever in FY2022 and rise to $6.6 trillion in 2031. This USAFacts chart shows historic tax revenue dating back to 1980, which has never exceeded $3.6 trillion in a fiscal year to date:

DEFICITS & DEBT

  • Biden’s budget projects that the federal budget deficit would be $1.8 trillion in FY2022, which would be the largest budget deficit in history aside from the more than $3.1 trillion deficit caused by pandemic-related spending in FY2020 (and the $3.6 trillion deficit projected for FY2021). 
  • This USAFacts chart shows historical budget deficits (or surpluses) dating back to 1980, including the $1.7 trillion deficit in FY2009 caused by stimulus during the financial crisis that was the previous record deficit and the last surpluses in 2000 and 2001:

  • Biden’s budget blueprint would result in aggregate deficits of $14.5 trillion over the 2022-2031 period. It would increase the total national debt, which was $26.9 trillion in 2020, to $32.4 trillion in 2022 and $44.8 trillion in 2031. 
  • The debt held by the public, a figure which includes debt held by both the U.S. public and foreign entities, was $21 trillion in 2020 and would rise under Biden’s plan to $26 trillion in 2022 and over $39 trillion in 2031. 
  • Starting in 2027, the ratio of debt held by the public to the size of the U.S. economy in terms of gross domestic product (GDP) would reach an all-time high of 106.5%, exceeding the 104% of GDP in 1945 and 106% of GDP in 1946 at the end of World War II and demobilization. It would continue to rise to 108.5% of GDP by 2031, which surpasses the Congressional Budget Office’s baseline projection.
  • This USAFacts chart shows total U.S. federal debt dating back to 1980 broken down by debt held by the U.S. public, foreign entities, and intragovernmental debt:


— Eric Revell

(Photo Credit: Capitol Money: iStock.com / mj0007 | Biden: cornstalker via Flickr / Creative Commons)

  • 7,796
    PLZ
    06/29/2021

    People are STUPID! 🤦🏼‍♀️ READ THE BULK OF THIS BS. You can sugarcoat it anyway you want but the poor will ALWAYS BE POOR & the rich? Well.. you know the deal. This is all promised to Biden-Harris and Pelosi’s friends. Yes they may be taxed at a higher rate, but we will fill their pockets from the other side!

  • 57
    Daniel
    06/09/2021

    This is insane. The general public have no idea what the impact will be for legitimate Americans in the future. The majority of people on this site are left of left in their political leanings and will blindly support anything the Biden administration puts forward. Projected budget deficits in ten years top thirty trillion dollars if this administration gets everything they propose. Meanwhile this country has never been more divided due to the poison taught to our children in schools.

  • 226
    Ed
    06/08/2021

    As we continue to suffer through the last 40 years of rewarding the wealthy with tax cuts at the expense of everything else, it is time for our country to step up to bat and return to putting its citizens first. Anyone who is familiar with 20th Century history knows that government expenditures funded by fair progressive taxes leads to great expansion which benefits everyone and in many cases pays for itself. Let’s go.

  • 152
    Don
    06/04/2021

    We must stop this falsely elected president from running our country into bankruptcy no I do not support the Biden regime spending bill!

  • 255
    mamiller1101
    06/04/2021

    If we want all this stuff, then we need to pay for it. Maybe it's time to resurrect the balanced budget amendment.

  • 2,412
    Martha
    06/04/2021

    I support Biden's budget-it's time we started to invest in the people of this country and stop protecting the wealthy and big corporations.

  • 35
    Elizabeth
    06/04/2021

    We are spending too much money on liberal agendas. We need to focus the money on where it's needed most.

  • 240
    Wendy
    06/04/2021

    Biden has the backing despite your shrinking crazy constituents. They’re busy dying because covid is fake. Pass the budget

  • 192
    Kathleen
    06/04/2021

    Why brainwashed Americans continue to believe the democRATis party is the party of the people, is mindboggling. all they know how to do is raise taxes, overspend and destroy the economy.

  • 111
    Ruppert
    06/03/2021

    I cannot understand why ANYONE would work so hard to bankrupt a nation. It's just bizarre.

  • 767
    Jackie
    06/03/2021

    About time we look out for working middle class citizens instead of top 1%

  • 240
    Sheila
    06/03/2021

    This country is falling apart, both literally and figuratively. If we don’t invest in the country we fall behind in everything. A country without infrastructure, cyber security is arrogant and asking to be crushed by autocrats in the world and at home. We used to be a shining light now we are dying. Biden can lift us up but congress must sustain us.

  • 32
    Bill
    06/03/2021

    Plain and simple...Joe Biden is an asshole.

  • 21
    William
    06/03/2021

    The Biden administration and Congress has been sending our country into a NO RECOVERY future. Our children and grandchildren will be living in a country with freedoms that are controlled by those in power. Budgets MUST be balanced - starting NOW.

  • 162
    Milan
    06/03/2021

    Not only does our cou try desperately need new infrastructure if we are to keep up with more modern countries - but we need to put a whole bunch of thought into our cyber security as well. Our roads bridges etc of course need help - but we also need to create sustainable energy jobs to compete with countries like China who will leave us in the dust if we don’t look out

  • 35
    Deborah
    06/03/2021

    This is another joke all democrats do is spend money we do not have trying to crash the us Economy. It’s time to remove the problem,American citizens need to take a stand and demand Biden’s impeachment to save our economy. Why do we have government?first the democrats are allowed to still the election and put radical Biden in office to finish destroying America. Tell me what use are politicians in the U.S. when all politicians democrats and republicans politicians back up the destruction of our once free America.AMERICAN CITIZENS do not see Biden as a president no matter how hard you politicians and military try to shove it down our throats. American citizens know a threat when they see it the stealing of the election is a perfect example

  • 1,017
    Deemax
    06/03/2021

    I’m in support with any budget that helps the average joe/Jane. Rather than dishing out monies to corporations,and the rich. I just wish the poor whites would understand this instead of continuing to vote for politicians who don’t have their best interest in mind.

  • 2,597
    530 East Hunt Highway
    06/02/2021

    Deficits continue to grow. What are we leaving future generations? These deficits must end

  • 942
    Hannah
    06/02/2021

    This is the time to revitalize the economy and improve the lives of all its citizens.

  • 82
    Jenduster
    06/02/2021

    This is the time for bold investment. Ironic to me that the GOP never said anything about the deficit when Trump gave millionaires tax cuts that did absolutely nothing for this country, the hypocrisy runs deep.