Unpacking President Biden's Big Budget
Updated: Oct 30
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.