The White House sent Congress a $6 trillion budget plan that would ramp up spending on infrastructure, education and combating climate change, arguing it makes good fiscal sense to invest now, when the cost of borrowing is cheap, and reduce deficits later
offered by Democratic President Joe Biden faces strong opposition from Republican lawmakers, who want to tamp down U.S. government spending and reject his plans to hike taxes on the rich and big corporations.
Senate Budget Committee Chairman Bernie Sanders called Biden's budget "the most significant agenda for working families in the modern history of our country," and said it would create millions of good-paying jobs, while reducing poverty. White House officials said Biden's $4 trillion plans to address historic U.S. inequality, climate chance and provide four more years of free public education would be completely paid for in 15 years, with tax increases starting to chip away at deficits after 2030.
While rates on U.S. Treasury securities have climbed off record lows seen at the height of the coronavirus crisis last year, the government's borrowing costs are still the lowest they have been in years.