US President Joe Biden releases his first annual budget

US President Joe Biden has released his first annual budget - a 6 trillion dollar spending plan that includes steep tax increases for wealthier Americans. The bumper proposal will include huge new social programmes and investment in the fight against climate change. The plan needs approval from the Congress. Republican Senator Lindsey Graham condemned it as insanely expensive. Under the plan, debt will reach 117 percent of GDP by 2031, surpassing levels during World War



Two.

That will be in spite of at least 3 trillion dollars in proposed tax increases on corporations, capital gains and the top income tax bracket.

White House says the proposal will help grow the economy from the bottom up and middle out. Congress has until the end of September to enact new spending bills. If they fail to pass a new budget, the government could partially shut down.