Biden proposes nearly $7 trillion tax-and-spend budget that would not stabilize the debt

President Joe Biden released a budget proposal on Thursday for fiscal 2024 that includes about $6.9 trillion in spending and would result in a $1.8 trillion deficit, further adding to the country’s high debt.

Biden's budget proposal, which is not legislation but rather a suggestion for Congress that outlines his priorities, gives a picture of an ambitious tax-and-spend agenda, one that is strongly opposed by the Republican majority in the House. Given a raft of spending proposals, partially offset by taxes, the plan would result in a $17 trillion deficit over the next decade.

In other words, not only does the budget not balance, but it does not even stabilize the debt.

Despite the rising debt, the White House is highlighting how the plan, if passed as proposed, would lop $3 trillion off the deficit in the next 10 years.