US President Joe Biden is proposing a staggering $6 trillion budget for fiscal year 2022 which begins October 1. The spending binge, fiercely opposed by many in the US including the Republicans, will significantly increase the nation’s debts while causing a fresh round of price rises, casting a shadow over the livelihood of ordinary Americans and force the future American generations to tighten their belts.
If Biden’s budget plan is approved and implemented, the US federal budget deficit will surge to at least $1.8 trillion in 2022, and the country’s total national debt will quickly swell to $30 trillion, well above the country’s annual GDP. The burden of interest payments on US government debt will continue to increase, weighing on young Americans and considerably impairing the nation’s future competitiveness.
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