Biden in the budget message argued against "trickle-down economics" as he laid out his administration's investments that calls for some $6.01 trillion in spending, bringing together the $2.3 trillion American Jobs Plan and the $1.8 trillion American Families Plan he had already announced, as well as about $1.5 trillion in discretionary spending for fiscal 2022, and other mandatory spending programs.
President Joe Biden on Friday unveiled a $6 trillion budget for next year that's piled high with new safety net programs for the poor and middle class, but his generosity depends on taxing corporations and the wealthy to keep the nation's spiking debt from spiraling totally out of control.
There's $8 trillion in total spending by 2031.
Where there's practically no convergence, though, is on the key issue of how to pay for any new plan, with Mr. Biden insisting on an increase in corporate taxation and Republicans calling for reprogramming of unspent funds from the previously approved $1.9 trillion American Rescue Plan.
Biden inherited record pandemic-stoked spending and won a major victory on COVID-19 relief earlier this year.
This year's projected deficit would set a new record of $US3.7 trillion that would drop to $US1.8 trillion next year - still nearly double pre-pandemic levels.
And in a move that drew further Republican outrage, the proposal increased non-defense spending while holding defense spending essentially flat.
Acting White House budget chief Shalanda Young said the Biden plan "does exactly what the president told the country he would do".
Like all presidential budgets, Biden's plan is simply a proposal.
A Biden administration official said the Republican proposal was being considered seriously.
"It's fantastic how little all this taxing, printing, and borrowing would actually net American families", McConnell said in a statement, noting that the Biden-backed $1.9 trillion COVID relief package had slowed rehiring. "This budget puts our country on a long-term fiscally sustainable path through fair & efficient tax reform", she wrote on Twitter. "The most important test of our fiscal health is real interest payments on the debt".
While rates on US Treasury securities have climbed off record lows seen at the height of the coronavirus crisis last year, the government's borrowing costs are still the lowest they have been in years.
Now, White House Press Secretary Jen Psaki was out today.
Biden's first full spending outline since taking office in January serves as the fiscal blueprint for his political priorities, and is likely to kick off months of hard negotiations with Congress, which needs to approve most of the spending.
However, the US President's new budget is proving unpopular with more than just Republicans.
Mr Biden initially proposed a $2.3 trillion programme to improve elements including roads, bridges, airports and broadband internet. No Republicans voted for his $1.9 trillion stimulus bill, but some touted its benefits later, drawing some chiding from the president.