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...