Biden budget expects hot — but not overheating — economy heading into 2022 midterm elections

The budget officially released by the White House on Friday hinges on an optimistic projection that the economy will grow at a rapid pace for the next two years, with inflation under control and unemployment falling to near pre-pandemic levels.

In its first budget, the Biden administration said the economy will grow at just north of 5 percent this year as the nation rebounds from the coronavirus pandemic. The White House anticipates robust growth continuing through the following year as well, with the economy expanding by 4.3 percent in 2022. The economy has not grown at a rate faster than 4 percent in more than 20 years. White House officials told reporters Friday that these projections predate the rollout of the Biden administration’s full economic spending proposals and may therefore prove to be conservative estimates.