[5/29/21]President foresees GDP growth of 5% this year, but assumes no permanent inflationary impact. President Joseph Biden unveiled a proposed $6 trillion budget for the U.S. Friday, forecasting 5% economic growth this year but no permanent inflationary impact. The plans include previously announce proposals for a $2.3 trillion jobs and infrastructure plan and $1.8 billion in spending to boost education and families, both of which are receiving sharp pushback from Congressional Republicans. Biden’s move comes as the U.S. economy is accelerating its reopening from pandemic shutdowns thanks to widespread vaccinations against COVID-19 that have reached at least half of Americans over the age of 12. Biden’s spending plans seek to...
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