Analysis: Biden Budget Would Cut GDP By 1.1% Over Three Decades [UPDATED]

Economists project that President Biden’s first budget proposal would cut economic output by 1.1% over the next three decades if enacted.*

A report from Penn Wharton Budget Model — a project of the University of Pennsylvania’s Wharton School that evaluates public policy for fiscal impacts — suggests that the Commander-in-Chief’s budget would establish $5.9 trillion in new spending over the next decade, while only raising $3.9 trillion.