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Biden’s big budget comes with a modest growth outlook for an aging country

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Reuters

By Ann Saphir and Dan Burns (Reuters) – President Joe Biden’s first budget proposal comes with a big price tag – at $6 trillion, roughly 50% higher than pre-COVID-19 federal spending – but, at least for now, projects a relatively modest long-term lift to the economy, likely reflecting concerns about the aging U.S. population. The administration’s spending blueprint for the fiscal year ending in September 2022 would increase spending on infrastructure, education and combating climate change, echoing familiar priorities for the first-term Democrat. But it comes with forecasts for near-term growt…

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