President Joe Biden sent his $6 trillion budget proposal for the 2022 fiscal year to Congress on Friday, May 28. The president's budget incorporates his two signature domestic proposals, the American Families Plan and the American Jobs Plan. 

Neither of the said domestic plans had been seriously debated by Congress yet, according to a CNBC report.

Biden's $6 trillion budget proposal requests an increase of 41 percent for the Department of Education over last year; 23 percent more for the Department of Health and Human Services; and 22 percent more for the Environmental Protection Agency.

Only $300 billion is new spending requested for next year out of the $6 trillion topline budget request for 2022. The vast majority of the budget will be spent on government programs, such as Medicare, Social Security, and interest on the national debt.

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President Joe Biden's $6 Trillion Budget Proposal

During his campaign days as the next president, Biden had vowed to pay for the spending increases by increasing taxes on corporations and the country's highest earners, NBC News reported. Officials said that Biden would not be imposing taxes on individuals making below $400,000.

The trillions of the proposed budget would also be spent on infrastructure, free pre-K, and community college. The budget would also be increasing the range of domestic programs aimed at boosting public health and help for the poor.

But even with higher taxes, Biden's budget predicts a $1.8 trillion deficit for 2022. Also in the budget is a projection that inflation this year will be 2.1 percent. 

The Biden administration is eyeing a $1.52 trillion for the military and domestic programs in the fiscal year 2022, which starts on Oct. 1. It marks an 8.6 percent increase from the $1.4 trillion last year.

Domestic programs for scientific research and renewable energy would get 16.5 percent more funding under Biden's plan in 2022, the Wallstreet Journal reported.

The budget would also provide $6.7 billion next on affordable child care and $750 million for paid leave, the costs of which would rise substantially in 2023 and beyond. However, some concerns had risen from the newly proposed budget.

G. William Hoagland, a senior vice president at the Bipartisan Policy Center and former Senate GOP budget aide, said that the budget is bold, aspirational, and progressive. However, there is also something problematic about the budget.

Hoagland noted that the budget proposal is something equivalent to the Roosevelt years coming out of the Depression.

Lawmakers Discussing the Budget Proposal

Democratic lawmakers have expressed reservations on Biden's budget proposal to tax businesses and high-income households.

The Democratic lawmakers are also weighing whether to use reconciliation to approve the budget, just as they did with Biden's $1.9 trillion COVID-19 relief bill.

Republican Sen. Jerry Moran said that a budget would raise taxes and cause prices to increase, with future generations bearing the burden of debt levels.

Administration officials have said that the proposals would add to deficits over the next decade. However, officials noted that it would eventually be offset by revenue from tax increases from wealthy individuals and corporations.

Meanwhile, economists and Republican critics had disputed the Biden administration's prediction that interest rates and inflation would stay low in the future.

If you want to see Biden's entire budget, read here.

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