The US President Joe Biden presented to the US Congress the draft budget for the 2022 fiscal year, which will begin on October 1 of this year. According to the document, United States government spending will almost quadruple.
Government spending nearly quadrupled from $ 1.52 trillion to $ 6 trillion. For defense needs, the United States plans to spend about $753 billion. The list of key targets for defense spending includes “repelling the threat from Russia and China”. Also, a new line appeared in the draft budget – the fight against internal terrorism. It is planned to allocate 131 million dollars for it.
The budget of the United States is proposed to include revenues in the amount of about $4.17 trillion. Revenues are expected to grow due to the increased tax burden on high-income companies and individuals.
The draft budget presented by Biden to the US Congress is preliminary in nature. Most likely, the overall figures will be adjusted, but now the document indicates the priorities of the American administration.