WASHINGTON, D.C.: President Joe Biden's $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 on Friday (Saturday in Manila), he will wrap them into 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.