
WASHINGTON (AP) – President Joe Biden is proposing a $6 trillion budget for next year that fails to slow spiking government debt. It seeks tax hikes on corporations and the wealthy to pay for ambitious infrastructure and safety-net programs. Biden has already announced major plans on infrastructure and won a major victory on COVID-19 relief earlier this year. But Friday’s rollout tallies up the cost and incorporates them into the government’s existing budget framework, including Social Security and Medicare. That provides a fuller view of the administration’s fiscal posture. The government’s accumulated debt is topping a mammoth $28 trillion.