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U.S. President Joe Biden’s USD$6 trillion budget proposal for next year would run a $1.8 trillion federal government deficit despite a raft of new tax increases on corporations and high-income people designed to pay for his ambitious spending plans. Biden had already announced his major budget initiatives, but during a rollout Friday he will release them as a single proposal to incorporate them into the government’s existing budget framework, including Social Security and Medicare. That provides a fuller view of the administration’s fiscal posture. Democratic aides disclosed key elements of the Biden plan, speaking on condition of anonymity because the document is not yet public.

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