Analysts: Biden’s Massive $6 Trillion Budget Will Cut Economic Growth By 1% Over Next Decade

Researchers found that President Biden’s first budget proposal would reduce economic growth by 1% over the next decade.

The Tax Foundation — a nonprofit that produces analysis to inform “smarter tax policy at the federal, state, and global levels” — concluded that Biden’s $6 trillion budget proposal would cut long-run output growth and result in fewer jobs. The budget incorporates key tenets of the American Jobs Plan and American Families Plan, as well as other discretionary spending items.