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  • Writer's pictureSally Herships

Unpacking President Biden's Big Budget

Updated: Oct 30, 2023

On Friday, President Joe Biden proposed a massive budget. It calls for $6 trillion in government spending for the next fiscal year and would lead to trillion-dollar deficits over the next decade.

Like all presidents, Biden is required to propose to a budget to Congress that includes spending on existing programs like Medicare and Social Security. But he's also making a big push to spend more on infrastructure, healthcare, education and the environment. Some critics are concerned about the record-setting federal debt as well as the possibility that the spending could lead to inflation.

On The Indicator from Planet Money, we take a closer look at the numbers with economics professors Suneye Rae Holmes of Spelman College and Laura Veldkamp of Columbia University.

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