BullionDude
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User ID: 80028000 United States 05/27/2021 08:29 AM Report Abusive Post Report Copyright Violation | Breaking!!! Biden Unveils $6 Trillion Budget That Will Raise Federal Spending To Highest Post-WW2 Level US stock futures soared Thursday morning as President Biden unveiled his first federal budget, which calls for the government to spend $6 trillion in the 2022 fiscal year, with total annual spending set to increase to $8.2 trillion by 2031. Stocks initially kneejerked higher, then retreated on the headlines reporting the proposed budget, which Biden can pass through the Senate using budget rules that allow Dems to circumvent the filibuster. According to the NYT, it calls for the highest sustained levels of federal spending since World War II. Under Mr. Biden’s proposal, the federal budget deficit would hit $1.8 trillion in 2022, even as the economy rebounds from the pandemic recession to grow at what the administration predicts would be its fastest annual pace since the early 1980s. It would recede slightly in the following years before growing again to nearly $1.6 trillion by 2031. Total debt held by the public would more than exceed the annual value of economic output, rising to 117 percent of the size of the economy in 2031. By 2024, debt as a share of the economy would rise to its highest level in American history, eclipsing its World War II-era record. [ link to www.zerohedge.com (secure)] Last Edited by BullionDude on 05/27/2021 08:30 AM |
Anonymous Coward User ID: 78853828 United States 05/27/2021 08:31 AM Report Abusive Post Report Copyright Violation | Re: Breaking!!! Biden Unveils $6 Trillion Budget That Will Raise Federal Spending To Highest Post-WW2 Level Shake that magic money tree for all you're worth, Joe! :money: Shake it till ya break it! |
BullionDude
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User ID: 80028000 United States 05/27/2021 09:40 AM Report Abusive Post Report Copyright Violation | Re: Breaking!!! Biden Unveils $6 Trillion Budget That Will Raise Federal Spending To Highest Post-WW2 Level Shake that magic money tree for all you're worth, Joe! :money: Shake it till ya break it! Quoting: Anonymous Coward 78853828 I think it is already broken! |