US President Joe Biden on Thursday (March 9) proposed spending of more than USD 25 billion, mostly to be spent in the Indo-Pacific region with an eye on growing Chinese assertiveness. The huge expenditure will be focussed at critical infrastructure sector and defence sector.

The proposed expenditure includes over USD 15 billion of proposed investment in the infrastructure sector in the Indo-Pacific and USD 9 billion for shoring up American defence in the region.

“This Budget cements our commitment to confronting global challenges and keeping America safe. It outlines crucial investments to out-compete China globally and to continue support for Ukraine in the face of unprovoked Russian aggression,” Biden said in his message to the Congress.

Biden said it also continues his administration’s work to restore America’s global leadership – reviving key alliances and partnerships, strengthening the military, fostering democracy and human rights, protecting global health, honouring the veterans, fixing immigration systems at home, and advancing cybersecurity through implementation of the National Cybersecurity Strategy.

China is the United States’ only competitor with both the intent to reshape the international order and, increasingly, the economic, diplomatic, military, and technological power to do it, according to Biden’s budgetary proposals sent to the Congress Thursday noon.

During these unprecedented and extraordinary times, the Budget requests both discretionary and mandatory resources to out-compete China and advance American prosperity globally, the White House said.

(With inputs from agencies)

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us <a href="https://www.wionews.com/content-contribution-registration-form">here</a>.

WATCH WION LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

US President Joe Biden on Thursday (March 9) proposed spending of more than USD 25 billion, mostly to be spent in the Indo-Pacific region with an eye on growing Chinese assertiveness.

US President Joe Biden on Thursday (March 9) proposed spending of more than USD 25 billion, mostly to be spent in the Indo-Pacific region with an eye on growing Chinese assertiveness. The huge expenditure will be focussed at critical infrastructure sector and defence sector. The proposed expenditure includes over USD 15 billion of proposed investment in the infrastructure sector in the Indo-Pacific and USD 9 billion for shoring up American defence in the region. “This Budget cements our commitment to confronting global challenges and keeping America safe. It outlines crucial investments to out-compete China globally and to continue support for Ukraine in the face of unprovoked Russian aggression,” Biden said in his message to the Congress. Biden said it also continues his administration’s work to restore America’s global leadership – reviving key alliances and partnerships, strengthening the military, fostering democracy and human rights, protecting global health, honouring the veterans, fixing immigration systems at home, and advancing cybersecurity through implementation of the National Cybersecurity Strategy. China is the United States’ only competitor with both the intent to reshape the international order and, increasingly, the economic, diplomatic, military, and technological power to do it, according to Biden’s budgetary proposals sent to the Congress Thursday noon. During these unprecedented and extraordinary times, the Budget requests both discretionary and mandatory resources to out-compete China and advance American prosperity globally, the White House said. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Biden proposes mega-spending of USD 25 billion to counter China in Indo-Pacific

Soaring consumer prices are undermining President Joe Biden’s economic approval ratings, making inflation a critical topic for the White House headed into midterm elections — and making fighting it a focus of the administration’s budget, even though the Federal Reserve plays the primary role in countering rapid price increases.

Biden’s administration, in its budget proposal released Monday, emphasized that some of the investments it is making or proposing could lower costs for families.

The budget document — which mentions the word “costs” 47 times and “inflation” six — earmarks funding for port infrastructure development, money to improve the passenger and freight railway system, and funds to help with financing the construction and rehabilitation of inexpensive housing stock, among other measures that might help to improve supply in the economy over time.

Presidential budgets are an outline of an administration’s priorities rather than policies that are actually enacted in full. By repeatedly referencing plans to cut costs for families, Biden is making it clear that the concern ranks high on his list.

But there is not much the White House can do quickly to ease rapid price increases, which have been running at the fastest pace in 40 years. Supply chain fixes could take years to pay off. In the meantime, fighting inflation is primarily the job of the Fed.

The central bank raised interest rates for the first time since late 2018 earlier this month, and officials have forecast that they will continue to increase borrowing costs over the course of this year and next. Doing so will make financing big purchases more expensive in a bid to cool off demand, slow down the economy and temper price increases.

The Fed’s preferred inflation measure is expected to show that prices climbed by 6.4% in the year through February, based on estimates from a Bloomberg survey, when it is released later this week. Central bankers aim for 2% inflation, so that is more than three times their goal. Fed policymakers are hoping that their policy changes, paired with further supply chain and labor market healing, will help them to return annual inflation to 4.3% by the end of the year.

As inflation has accelerated over the past year, it has become a big part of the nation’s consciousness. Biden’s economic approval ratings have fallen sharply, based on the results of an NBC News poll this month, and cost of living is voters’ top concern.

Angst over high prices is also becoming palpable in daily life. A cryptocurrency advertisement that leads with the line “Frustrated by high inflation?” hangs over a security checkpoint at Newark Liberty International Airport in New Jersey. "Saturday Night Live" included a joke about rising fuel costs earlier this month (“Girl, I know Biden better do something about these gas prices,” Ego Nwodim commiserated with Zoë Kravitz at the start of a skit).

That creates a challenge for the White House, which can do only so much in the face of higher prices. Russia’s invasion of Ukraine has sent fuel prices sharply higher, something neither the administration nor the Fed can immediately or fully counteract. When it comes to broader, economy wide pressures, curbing demand is most likely to be the faster way to slow down price increases — but the Fed’s policy changes work by slowing down the job market, which is unlikely to make voters feel much better.

Much of the world has experienced a burst of inflation in the wake of initial pandemic lockdowns, as factory shutdowns and a shift in buying away from services and toward goods — think couches, cars — choked supply chains and prompted shortages.

“America was not immune to the worldwide inflation that has followed the pandemic,” Biden said in his statement at the start of the budget documents, also blaming rising prices partly on Russia’s invasion of Ukraine, given that the conflict has pushed up gas costs.

But America’s price burst has been especially pronounced, even compared to global peers. Many economists attribute that, at least in part, to the country’s spending in response to the pandemic. America spent a lot during the pandemic, including on packages passed during the Trump administration and the $1.9 trillion Biden and congressional Democrats passed in early 2021.

That final package came at a time when growth and the labor market were recovering, and some economists warned that it was too large and poorly targeted and would lead to overheating. 
&nbsp;

Soaring consumer prices are undermining President Joe Biden’s economic approval ratings, making inflation a critical topic for the White House headed into midterm elections — and making fighting it a focus of the administration’s budget, even though the Federal Reserve plays the primary role in countering rapid price increases.

Soaring consumer prices are undermining President Joe Biden’s economic approval ratings, making inflation a critical topic for the White House headed into midterm elections — and making fighting it a focus of the administration’s budget, even though the Federal Reserve plays the primary role in countering rapid price increases. Biden’s administration, in its budget proposal released Monday, emphasized that some of the investments it is making or proposing could lower costs for families. The budget document — which mentions the word “costs” 47 times and “inflation” six — earmarks funding for port infrastructure development, money to improve the passenger and freight railway system, and funds to help with financing the construction and rehabilitation of inexpensive housing stock, among other measures that might help to improve supply in the economy over time. Presidential budgets are an outline of an administration’s priorities rather than policies that are actually enacted in full. By repeatedly referencing plans to cut costs for families, Biden is making it clear that the concern ranks high on his list. But there is not much the White House can do quickly to ease rapid price increases, which have been running at the fastest pace in 40 years. Supply chain fixes could take years to pay off. In the meantime, fighting inflation is primarily the job of the Fed. The central bank raised interest rates for the first time since late 2018 earlier this month, and officials have forecast that they will continue to increase borrowing costs over the course of this year and next. Doing so will make financing big purchases more expensive in a bid to cool off demand, slow down the economy and temper price increases. The Fed’s preferred inflation measure is expected to show that prices climbed by 6.4% in the year through February, based on estimates from a Bloomberg survey, when it is released later this week. Central bankers aim for 2% inflation, so that is more than three times their goal. Fed policymakers are hoping that their policy changes, paired with further supply chain and labor market healing, will help them to return annual inflation to 4.3% by the end of the year. As inflation has accelerated over the past year, it has become a big part of the nation’s consciousness. Biden’s economic approval ratings have fallen sharply, based on the results of an NBC News poll this month, and cost of living is voters’ top concern. Angst over high prices is also becoming palpable in daily life. A cryptocurrency advertisement that leads with the line “Frustrated by high inflation?” hangs over a security checkpoint at Newark Liberty International Airport in New Jersey. "Saturday Night Live" included a joke about rising fuel costs earlier this month (“Girl, I know Biden better do something about these gas prices,” Ego Nwodim commiserated with Zoë Kravitz at the start of a skit). That creates a challenge for the White House, which can do only so much in the face of higher prices. Russia’s invasion of Ukraine has sent fuel prices sharply higher, something neither the administration nor the Fed can immediately or fully counteract. When it comes to broader, economy wide pressures, curbing demand is most likely to be the faster way to slow down price increases — but the Fed’s policy changes work by slowing down the job market, which is unlikely to make voters feel much better. Much of the world has experienced a burst of inflation in the wake of initial pandemic lockdowns, as factory shutdowns and a shift in buying away from services and toward goods — think couches, cars — choked supply chains and prompted shortages. “America was not immune to the worldwide inflation that has followed the pandemic,” Biden said in his statement at the start of the budget documents, also blaming rising prices partly on Russia’s invasion of Ukraine, given that the conflict has pushed up gas costs. But America’s price burst has been especially pronounced, even compared to global peers. Many economists attribute that, at least in part, to the country’s spending in response to the pandemic. America spent a lot during the pandemic, including on packages passed during the Trump administration and the $1.9 trillion Biden and congressional Democrats passed in early 2021. That final package came at a time when growth and the labor market were recovering, and some economists warned that it was too large and poorly targeted and would lead to overheating.

Biden’s budget focuses on fighting inflation, but that’s mainly a fed project

Democrats unveiled a $3.5 trillion budget blueprint Monday that would launch work on a social and economic policy package that could prove to be the most significant expansion of the nation’s social safety net since Medicare and the Great Society.

The blueprint would allow Senate Democrats to piece together legislation this fall that would greatly boost spending on health care, child and elder care, education and climate change, fully paid for by raising taxes on the wealthy, large inheritances and corporations. And if Democrats and their two independent allies can hold together, that measure could pass the Senate without a Republican vote.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/bidens-budget-sees-low-inflation-rising-debt-and-slow-economic-growth-388118">Biden’s budget sees low inflation, rising debt and slow economic growth</a>

With the Senate on the brink of passing a $1 trillion bipartisan infrastructure bill, the blueprint could unlock Democrats’ ability to secure the remainder of President Joe Biden’s $4 trillion economic agenda.

“At its core, this legislation is about restoring the middle class in the 21st century and giving more Americans the opportunity to get there,” Sen. Chuck Schumer of New York, the majority leader, wrote in a letter to his caucus.

He said the instructions had been carefully coordinated with House Speaker Nancy Pelosi of California and Rep. John Yarmuth of Kentucky, the chairman of the House Budget Committee.

The budget blueprint, while nonbinding, calls for a series of key liberal priorities, including ones championed by Sen. Bernie Sanders, I-Vt., the chairman of the Senate Budget Committee. It calls for an expansion of Medicare to include dental, hearing and vision benefits, the formation of a Civilian Climate Corps to address climate change, and funding to establish universal pre-K and grant free community college tuition for two years.

Also read |&nbsp;<a href="https://www.wionews.com/world/biden-backed-12-trillion-infrastructure-bill-passes-key-hurdle-404062">Biden-backed $1.2 trillion infrastructure bill passes key hurdle</a>

It also accommodates key policy priorities like a path to citizenship for millions of immigrants in the country illegally and provisions to beef up enforcement of labour laws and penalties for employers that violate them. Democrats are trying to push the boundaries of the fast-track budget process to clear policy changes that otherwise would fail to gain Republican support, but the strict budgetary rules may ultimately prevent their inclusion.

Democrats appear to have rejected the possibility of addressing the approaching statutory limit on the federal government’s ability to finance the country’s debt in the budget blueprint. In a statement Monday morning, Treasury Secretary Janet Yellen said Congress should address the debt ceiling in bipartisan legislation, even as Republicans warn they will not join with Democrats in doing so.

“The vast majority of the debt subject to the debt limit was accrued prior to the administration taking office,” Yellen said. “This is a shared responsibility, and I urge Congress to come together on a bipartisan basis as it has in the past to protect the full faith and credit of the United States.”

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-joe-bidens-first-full-budget-as-president-budget-aims-to-boost-middle-class-387914/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The decision is a major risk since a default on the nation’s debt could trigger a global economic crisis. But raising the nation’s statutory borrowing limit in the budget resolution would come with political costs: to do it, Senate rules require that the provision includes a hard number for the debt ceiling increase.

Instead, Democrats would like to use separate legislation to extend the Treasury’s borrowing authority to a future date, not a dollar limit — a far less fraught political target.

Democrats unveiled a $3.5 trillion budget blueprint Monday that would launch work on a social and economic policy package that could prove to be the most significant expansion of the nation’s social safety net since Medicare and the Great Society.

Democrats unveiled a $3.5 trillion budget blueprint Monday that would launch work on a social and economic policy package that could prove to be the most significant expansion of the nation’s social safety net since Medicare and the Great Society. The blueprint would allow Senate Democrats to piece together legislation this fall that would greatly boost spending on health care, child and elder care, education and climate change, fully paid for by raising taxes on the wealthy, large inheritances and corporations. And if Democrats and their two independent allies can hold together, that measure could pass the Senate without a Republican vote. Also read | Biden’s budget sees low inflation, rising debt and slow economic growth With the Senate on the brink of passing a $1 trillion bipartisan infrastructure bill, the blueprint could unlock Democrats’ ability to secure the remainder of President Joe Biden’s $4 trillion economic agenda. “At its core, this legislation is about restoring the middle class in the 21st century and giving more Americans the opportunity to get there,” Sen. Chuck Schumer of New York, the majority leader, wrote in a letter to his caucus. He said the instructions had been carefully coordinated with House Speaker Nancy Pelosi of California and Rep. John Yarmuth of Kentucky, the chairman of the House Budget Committee. The budget blueprint, while nonbinding, calls for a series of key liberal priorities, including ones championed by Sen. Bernie Sanders, I-Vt., the chairman of the Senate Budget Committee. It calls for an expansion of Medicare to include dental, hearing and vision benefits, the formation of a Civilian Climate Corps to address climate change, and funding to establish universal pre-K and grant free community college tuition for two years. Also read | Biden-backed $1.2 trillion infrastructure bill passes key hurdle It also accommodates key policy priorities like a path to citizenship for millions of immigrants in the country illegally and provisions to beef up enforcement of labour laws and penalties for employers that violate them. Democrats are trying to push the boundaries of the fast-track budget process to clear policy changes that otherwise would fail to gain Republican support, but the strict budgetary rules may ultimately prevent their inclusion. Democrats appear to have rejected the possibility of addressing the approaching statutory limit on the federal government’s ability to finance the country’s debt in the budget blueprint. In a statement Monday morning, Treasury Secretary Janet Yellen said Congress should address the debt ceiling in bipartisan legislation, even as Republicans warn they will not join with Democrats in doing so. “The vast majority of the debt subject to the debt limit was accrued prior to the administration taking office,” Yellen said. “This is a shared responsibility, and I urge Congress to come together on a bipartisan basis as it has in the past to protect the full faith and credit of the United States.” The decision is a major risk since a default on the nation’s debt could trigger a global economic crisis. But raising the nation’s statutory borrowing limit in the budget resolution would come with political costs: to do it, Senate rules require that the provision includes a hard number for the debt ceiling increase. Instead, Democrats would like to use separate legislation to extend the Treasury’s borrowing authority to a future date, not a dollar limit — a far less fraught political target.

Democrats unveil $3.5 trillion budget blueprint, without addressing the debt limit

The new round of direct payments in the United States made to individuals - The US govt has posted the January budget deficit of $163 Billion.

World Business Watch: United States January budget deficit hits record high

us-budget-news

Us Budget News, News on Us Budget News, stories on Us Budget News, articles on Us Budget News, Us Budget News stories at Wion, Us Budget News news, Us Budget News latest news

us budget-news

Biden proposes mega-spending of USD 25 billion to counter China in Indo-Pacific

Biden’s budget focuses on fighting inflation, but that’s mainly a fed project

Democrats unveil $3.5 trillion budget blueprint, without addressing the debt limit

World Business Watch: United States January budget deficit hits record high