Biden’s proposed budget would add $2 trillion to federal deficit over the next decade: Study

A new study predicts Democratic presidential nominee Joe Biden’s tax and spending policies would add almost $2 trillion to the federal deficit in the next decade.

The analysis by the Penn Wharton Budget Model, a research project at the University of Pennsylvania, estimates Biden will raise almost $3.4 trillion in new revenue and increase spending by over $5 trillion within a 10-year window. Biden’s platform is also projected to decrease the federal debt by 6.1% by 2050 and increase the nation’s gross domestic product by 0.8%.

Almost 80% of the increase in taxes under the former vice president’s plan would fall on the top 1% of the country’s
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