Biden $6T budget forecasts a booming 2021 and publicly held debt climbing to $24 Trillion

President Joe Biden's 2022 has released his $6trillion budget fueled by higher taxes that will be the biggest federal package since the Second World War - where the US will have to borrow 50 cents for every $1 they spend. President Joe Biden's 2022 budget calls for spending on infrastructure, education and health programs, and would see the accumulated debt rise to $24 trillion The US M1 money supply, including cash and checking deposits, is seen increasing sharply during the pandemic in this Federal Reserve chart In a break from past rollouts, the administration put out its budget document the Friday before Memorial Day weekend, with an embargo set at 1:30 PM while Biden was out of town – an indication that Biden would prefer to keep his public focus on his coronavirus efforts and his push for an infrastructure plan. The Pentagon has proposed a budget that would help it compete with China, shed older weapons and invest in new technologies Annual deficits have been on the rise since 2015, with a big spike amid the pandemic Highlights of Biden’s 2022 budget Non-defense spending of $769 billion, a 16% increase $6.5 billion to launch ARPA-H, to boost advanced federal R&D spending in health $861 million in assistance to Central American countries 'to address the root causes’ of immigration Defense increased to $756 billion in 2022, a 1.7% increase - with emphasis on competing with China by ditching older weapons and investing in new technology $36 billion for series of climate investments $2.1 billion for gun violence $1.8 trillion deficit for 2022 Public debt to hit $24 trillion $36.5 billion into Title 1 schools, a $20 billion increase $110 million for 'transportation equity' $225 billion to subsidize child care It anticipates income taxes bringing in $1.7 trillion in revenue in 2021 and $2 trillion in 2022. Among its myriad proposals are those that would: See Defense spending go up from $735 billion in 2021 to $756 billion in 2022; Call for universal pre-K for three and four-year olds, and two years of free community college for qualifying Americans; Extend the expanded child tax credit; Put $36.5 billion into Title 1 schools, a $20 billion increase; Include a $7.4 billion child development block grant; $110 million for 'transportation equity;' Provide the biggest hike in Centers for Disease Control funding in two decades; Requests $36 billion in climate investments; Asks for $225 billion to subsidize child care; Calls for a public option for healthcare and asks Congress to lower the Medicare eligibility age to 60; Requests $225 billion for a national family and medical leave program; and Seeks $2.1 billion for the Justice Department to use grants and other programs to address gun violence. This funding is an addition to the American Jobs Plan’s $5 billion over eight years investment in community violence interventions to address the increase in homicides disproportionately affecting Black and brown Americans Extends Housing Vouchers and Helps End Homelessness The Budget proposes to provide $30.4 billion for Housing Choice Vouchers, expanding vital housing assistance to 200,000 more families, with a focus on those who are homeless or fleeing domestic violence.