The Biden administration in the United States announced on the 28th a "budget textbook" showing the government's thoughts for the new fiscal year from October, which is the first time since its inauguration, and will actively invest in employment measures etc. The scale of expenditure is 660 trillion yen in Japanese yen, which is the largest budget since World War II.
The "Budget Textbook" shows the government's thinking about the budget for the new fiscal year starting in October, and will serve as a starting point for future parliamentary deliberation.
According to this, the total expenditure is 6.11 trillion dollars, 660 trillion yen in Japanese yen, 84 billion dollars as a measure to create employment considering the middle class, tax reduction measures to support child-rearing households, free tuition, etc. It shows the attitude of the Byden administration, which provides generous support to workers and households, including $ 16 billion in spending.
Although the expenditure scale will be smaller than this year when large-scale economic measures were implemented one after another with the aim of recovering from the spread of the new coronavirus infection, World War II was shown in the budget textbook at the beginning of the year. It has reached the highest level since then.
Government debt will continue to be at record highs as large-scale spending continues, but the policy is to cover part of the financial resources by raising the corporate tax rate and raising taxes on the wealthy.
In the future, deliberation will be held in the federal parliament, which has the authority to formulate budgets, but the active fiscal policy of the Byden administration has been criticized mainly by the opposition and the Republican Party, and the administration has decided to invest in infrastructure with this budget textbook. He is also showing a willingness to approach Congress, such as significantly reducing the budget allocated from the original plan.