Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: Office of Management and Budget and USAspending.gov; Chart: Andrew Witherspoon/Axios

President Biden will call for $6 trillion in government spending next year when he unveils his FY2022 budget on Friday, as the New York Times first reported.

The big picture: Annual government spending has been rising for years, but it spiked last year because of the nation's coronavirus recovery efforts.

  • Although the most recent OMB data estimated government spending to be $4.8 trillion in 2020, the federal government ended up spending $6.55 trillion when coronavirus relief measures were included, according to USAspending.gov.

By the numbers: Biden's first budget proposal includes his massive infrastructure and education and families plans.

  • If enacted, it would be the most sustained federal spending in more than 50 years and would drive the federal deficit to more than $1.3 trillion over the next 10 years, according to the Times.

Go deeper

May 27, 2021 - Politics & Policy

Republicans' Hail Mary on infrastructure

President Biden meets with Senate Republicans in February. Photo: Saul Loeb/AFP via Getty Images

Some Senate Republicans might agree to add to the national debt to pay for a scaled-back infrastructure plan, senators and aides told Axios — one more grasp at a deal with President Biden before Democrats pack up and go it alone.

Why it matters: Skipping over the thorny question of how to offset up to $1 trillion in new projects could actually be politically and philosophically easier for GOP lawmakers than agreeing on tax increases.

Updated May 27, 2021 - Politics & Policy

Biden concerned by lack of "new funds" in GOP's infrastructure counteroffer

President Biden (L) makes a statement to the press as Sen. Shelley Capito (R-W.Va.) looks on. Photo: T.J. Kirkpatrick/Pool/Getty Images

A group of Senate Republicans on Thursday released the framework for their latest counterproposal to President Biden's infrastructure plan, raising their offer from $568 billion to $928 billion.

The latest: White House press secretary Jen Psaki acknowledged "several constructive additions" to the Republican offer, but said the administration remains "concerned that their plan still provides no substantial new funds for critical job-creating needs."

Dion Rabouin, author of Markets
May 26, 2021 - Economy & Business

Inequality decreased for most of 2021 but picked up in May, index shows

Data: Morning Consult/Axios Inequality Index; Chart: Axios Visuals

The coronavirus pandemic has rocked the U.S.economy in myriad ways. One of the most important has been the impact on economic inequality, which has been spotlighted by top economists, including Fed chair Jerome Powell.

Why it matters: It is a growing subject of discussion among everyday Americans and carries weight among economists, namely because persistent or increasing inequality can cast doubt on the fairness of America’s economic system and undermine the sustainability of economic growth.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!