Biden’s budget will include $5 trillion in new federal spending over the next decade

President Joe Biden will propose $5 trillion in new federal spending over the next decade on Friday, part of his Fiscal Year 2022 budget request, a source familiar with the proposal tells CNBC.

The new spending will be paid for in part by $3.6 trillion in additional revenues over the same period. The result would be a net deficit of $1.4 trillion, which would begin shrinking after 2030.

Biden will include $300 billion of the $5 trillion total in his budget request to Congress for fiscal year 2022. This will bring the president’s total budget request for next year to $6 trillion, the source said.