What to know about Biden's first budget

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President Biden on Friday will propose to Congress the budget for the fiscal year 2022, as he tries to make the case that it’s time for America to spend big. Mr. Biden’s budget includes trillions for his infrastructure and families plans, and it is expected to top former President Trump’s $4.8 trillion proposal last year. 

© Bloomberg President Biden Travels To Delaware

Mr. Biden’s budget proposal is just that — a proposal. Congress has the final say. Mr. Biden didn’t explicitly confirm the reported topline $6 trillion figure in a Thursday gaggle with reporters in Ohio, but he didn’t deny it either.

The budget proposal comes as the White House continues to negotiate with Republicans and Democrats on a potential infrastructure bill, what the Biden administration calls the American Jobs Plan. Republicans proposed spending less than $1 trillion on infrastructure, far less than what Mr. Biden had wanted but more than Republicans had offered initially.

As of Thursday afternoon, the president hadn’t yet had a chance to review the counteroffer made by Senator Shelley Moore Capito of West Virginia, but said they would meet sometime next week. But Republicans and Democrats are far apart when it comes to how to pay infrastructure. Republicans are more open to user fees, while Democrats want to raise taxes on the wealthy and corporations. 

A White House official said Thursday that the budget will do exactly what the president told the country he would do — grow the economy, create jobs, advance his Jobs Plan and his Families Plan, and do so responsibly by requiring the wealthiest Americans and big corporations to pay their fair share. The official said the budget also outlines the next steps in his economic plan — that he wants Congress to move on health care: reducing the cost of prescription drugs, strengthening the Affordable Care Act, and expanding Medicare coverage and benefits.

White House to propose historic $6 trillion budget for 2022
What to watch next

A president’s budget is a blueprint from which Congress can work. It also gives a clear picture of a president’s priorities. Mr. Biden has already outlined much of the spending he wants in the American Jobs Plan and American Families Plan. The budget also maps out what that level of spending would mean for the deficit and debt. Congress has until the end of September to pass 12 appropriations or spending bills before government funding runs out. 

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