Joe Biden, through his presidential campaign, proposes more than $ 8 billion in new spending on a variety of programs, an ever-increasing count that amounts to around $ 10 billion by some estimates.
The high price features several of its more expensive plans, including a $ 2 billion climate plan and $ 775 billion program for universal preschool, and increased childcare and elder care at home that was announced Tuesday.
The spending, which will take place over 10 years, would represent a significant increase in the overall federal budget. The government spent $ 4.1 trillion in all of 2018 and $ 4.45 trillion in 2019, according to the Congressional Budget Office (CBO) and the Office of Administration and Budget (OMB). However, that number is likely to be much higher for 2020 and 2021 due to spending on coronavirus relief, which alone has alarmed fiscal hawks.
Democratic Presidential Candidate Former Vice President Joe Biden speaks Tuesday, June 30, 2020 in Wilmington, Del. Biden, through his campaign, has proposed more than $ 8 billion in new spending. (AP Photo / Patrick Semansky)
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President Trump has also faced criticism from budget watchers for his role in increasing deficits, fueled by historic spending and large tax cuts. But his campaign warns that his Democratic opponent would only speed up spending.
“As Biden’s inaccessible leftist agenda becomes more expensive every day, it is obvious why he plans to raise taxes on the middle class,” Trump campaign rapid response director Andrew Clark said in a statement. . “In addition to being hit by Biden’s tax increases, Americans will have to contend with Biden’s war on energy, leading to higher gasoline and electricity prices and decimating millions of energy jobs.”
According to more conservative estimates from the Biden campaign, and the Nonpartisan Spending Oversight Committee for a Responsible Federal Budget (CRFB) in cases where the Biden campaign does not provide estimates, Biden has proposed at least $ 8.09 trillion in new expenses.
This includes:
- $ 2 billion for the climate
- $ 1.3 billion for infrastructure
- $ 750 billion for medical care
- $ 750 billion for higher education
- $ 700 billion for Biden’s “Buy American” plan
- $ 640 billion for housing
- $ 125 billion for Biden’s opioid plan
- $ 30 billion for criminal justice reform
- $ 750 billion for preschool and K-12 education, according to the CRFB (excluding $ 100 billion for investments in public school buildings that are already included in the infrastructure plan)
- Between $ 270 billion and $ 380 billion per paid family leave, according to CRFB estimates of a similar proposal by Senator Bernie Sanders, I-Vt.
- $ 775 billion for universal preschool, expanded child care, and elderly home care
That would be partially offset by some revenue-raising measures, including reversing some of Trump’s tax cuts, but Biden’s plans would surely end up increasing the federal deficit. The Wall Street Journal estimated that the candidate’s proposals would raise about $ 4 trillion in revenue compared to about $ 7 trillion in expenses. His estimate was made prior to the launch of the preschool, childcare and eldercare proposal announced Tuesday and does not count on Biden’s climate plan.
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To help pay for his new $ 775 billion proposal, Biden would tax real estate investors with incomes above $ 400,000 and take steps to increase tax compliance for those who earn high incomes. Additional tax measures accompany Biden’s other plans, including his infrastructure proposal.
“Every penny of Joe Biden’s $ 1.3 trillion investment in our nation’s infrastructure will be paid by making sure that the super wealthy and corporations pay their fair share,” states his campaign website. “Specifically, this investment will be offset by revenue raised by reversing the excesses of Trump’s tax cuts for corporations; reducing incentives for tax havens, evasion, and outsourcing; ensuring that corporations pay their fair share; close other loopholes in our tax code that reward wealth, not work, and end fossil fuel subsidies. “
But there is disagreement about how much some individual items might cost. The CRFB, for example, projects that Biden’s health care plan, which includes a government-backed public option, will cost $ 2.25 trillion, instead of the $ 750 billion campaign projection. Additionally, The Wall Street Journal reported that Biden’s Social Security expansion, for which no Biden campaign number was available, would cost $ 450 billion.
And the paid family leave plan ranges from $ 270 billion to $ 380 billion: The $ 270 billion number is included in the $ 8.09 billion estimate.
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If these high-level estimates are counted, spending increases over 10 years could approach or exceed $ 10 trillion.
Biden’s campaign, however, says that these plans are necessary to solve the main problems facing the country.
“The pandemic has exposed how difficult it is for people in this country to find access to the quality care they need for themselves, or to juggle the responsibilities of working and caring for family members,” said the campaign as care plan spread.
“From coastal cities to rural farms to urban centers, climate change poses an existential threat, not only for our environment, but also for our health, our communities, our national security and our economic well-being,” he says in the page that explains your climate plan
Biden’s campaign, in a statement to Fox News, also attacked the Trump administration for its spending habits.
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“The Trump administration is on track to approve more than $ 4 billion in additional spending this year alone, at this rate, that’s more than $ 40 billion in 10 years. That adds up to an unpaid tax cut of $ 2 billion primarily for big corporations and wealthier Americans, “said Biden’s rapid response director Andrew Bates. “Joe Biden refuses to accept the argument that there is no money left to make bold long-term investments that will create millions of jobs, grow our economy, rebuild the American middle class and appeal to everyone.”
The spending statistic, of course, reflects a year in which an unprecedented pandemic essentially shut down the nation’s economy, prompting desperate calls for a fiscal stimulus to keep Americans afloat from both sides of the aisle, including Biden. . However, the Trump administration has done little to cut spending overall and is on track to add more debt in his first term than former President Barack Obama in his.
However, Biden’s plans would result in billions of new expenses that would be financed by tax increases and likely to contribute to a $ 26.5 billion increase in national debt.
Paul Steinhauser and Amy Leedecke of Fox News contributed to this report.
