President Joe Biden's first budget proposal, which will be released Friday, will look to transform the economy, education — all while confronting climate change. It would also be historic in its price tag if passed: $6 trillion — the highest sustained federal spending since World War II. Yamiche Alcindor reports.
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It is ambitious and historic in its price tag of $6 trillion.
President Biden's first budget proposal looks to transform the economy, from transportation to education, all the while confronting climate change.
Our Yamiche Alcindor joins me now with more on this blueprint of priorities.
So, hello, Yamiche.
Tell us what, more do we know about this proposed budget document that the president is expected to unveil tomorrow?
Well, President Biden is expected to unveil a $6 trillion budget. And if passed in its form currently, it would be the highest federal sustained spending since World War II. Now, the White House says it's a big budget because we have big problems and big challenges ahead.
I want to walk you through what is in this budget, based on what we have been talking — what White House sources have been telling us all day.
There's $8 trillion in total spending by 2031. There's $6 trillion in spending for fiscal year 2022. There's $1.52 trillion in discretionary spending. Now, that's things like education, housing, public health and climate change. And then there's $1 trillion in deficits for at least the next decade.
Now, White House Press Secretary Jen Psaki was out today. She said the budget that we will see more details on tomorrow, it reflects the priorities of President Biden, and that is about creating jobs and doing the types of things that he's been talking about, which include having generational investments in Americans.
And, Yamiche, what is the White House saying about why so much money is needed at this point? And what's the expectation in terms of Republicans' willingness to support even a part of this?
Well, president's budgets never really pass in the way that they're presented to Congress.
That said, the White House is saying this needs to be a big investment because there are so many challenges ahead for the American people. I have been talking to officials from the Office of Management and Budget, as well as White House sources, and they all underscored the idea that President Biden wants to really invest in a way that changes people's lives, that's transformational.
They also say that Republicans, they're hoping, will come along. But they are also understanding that Republicans, as they're still dealing with the infrastructure deal that is separate from this, that this is really still going to be a very contentious fight, but they're hoping that this budget, at least in large part, is passed.
All right, Yamiche Alcindor following it today for us at the White House.
Thank you, Yamiche.