![Biden’s $6T Budget: Social Spending, Taxes on Business](http://townsquare.media/site/101/files/2021/01/GettyImages-1297449486.jpg?w=980&q=75)
Biden’s $6T Budget: Social Spending, Taxes on Business
WASHINGTON (AP) — President Joe Biden is proposing a $6 trillion budget for next year that’s piled high with new safety net programs for the poor and middle class.
![Laramie Live logo](https://townsquare.media/wp-content/uploads/2019/05/laramielive.png?w=100)
Get our free mobile app
But Biden's generosity depends on taxing corporations and the wealthy to keep the nation’s spiking debt from spiraling totally out of control.
The budget features whopping deficit projections that would require the government to borrow roughly 50 cents of every dollar it spends this year and next.
With the government’s structural deficit remaining unchecked, Biden would use proposed tax hikes on businesses and high-earning people to power huge new social programs like universal prekindergarten, large subsidies for child care and guaranteed paid leave.
More From Laramie Live
![Univ. of Wyoming Named Fifth-Best Affordable University In The U.S.](http://townsquare.media/site/245/files/2023/01/attachment-Resizing-2023-01-16T122918.778.jpg?w=980&q=75)
![Barrasso: Biden Admin Wants Control of Wyoming’s Water](http://townsquare.media/site/101/files/2021/03/GettyImages-1305347294.jpg?w=980&q=75)
![Donald Trump Officially Files Paperwork to Run for President in 2024](http://townsquare.media/site/101/files/2022/06/attachment-gettyimages-1230553398-594x594.jpg?w=980&q=75)
![Biden, Trump Making Final Appeals Ahead of Crucial Midterms](http://townsquare.media/site/101/files/2020/12/Trump-Biden-Getty.jpg?w=980&q=75)
![GOP’s Cheney Visits Michigan to Support Democrat Slotkin Bid](http://townsquare.media/site/101/files/2022/08/attachment-gettyimages-1415296049-594x594.jpg?w=980&q=75)
![Trump Angrily Lashes Out After His Deposition is Ordered](http://townsquare.media/site/101/files/2020/10/GettyImages-1278688238.jpg?w=980&q=75)
![Uvalde Children Grapple with Trauma After School Massacre](http://townsquare.media/site/341/files/2022/05/attachment-GettyImages-1240886563.jpg?w=980&q=75)
![Mikhail Gorbachev, Who Steered Soviet Breakup, Dead at 91](http://townsquare.media/site/101/files/2022/08/attachment-GettyImages-458697698.jpg?w=980&q=75)
![Lummis Calls Biden College Loan Plan ”Incredibly Unfair”](http://townsquare.media/site/99/files/2021/04/Cynthia-Lummis.png?w=980&q=75)