Saturday 29 May 2021 9:22 am

Biden budget sees $6tn of spending and tax hikes on the wealthy

US President Joe Biden’s first budget includes spending provisions that would see the country’s debt hit 117 per cent of GDP over the next decade.

Biden announced the plans last night, with a $6trn (£4.3trn) spending boost at the centre.

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The President has also committed to more than $250bn-worth (£153bn) of spending on America’s roads, bridges and public transport.

A further $800bn (£560bn) is committed to the fight against climate change.

Wealthy Americans, those earning $1m (£700,000) would also see higher tax rates if the plan passes.

Biden’s budget will need to be signed off by both houses of Congress to become reality.

Republicans have promised to fight the plans with one last night calling it “insanely expensive.”

Biden’s Democrats hold narrow majorities in both Houses.

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