(CNN) The nation's deficits and outlays have hit post-World War II highs thanks to tax cuts under President Donald Trump, but Democratic presidential nominee Joe Biden is proposing adding to that, at least in the near term, with a $5.4 trillion spending plan. Though Biden's proposals are far smaller than those offered by his progressive former rivals for the nomination, Sens. It is more than twice the size of Hillary Clinton's plan in 2016, though that doesn't account for inflation or the pandemic. Penn Wharton found that Biden's platform would raise $3.4 trillion in new tax revenue between fiscal 2021 and 2030 while increasing spending by $5.4 trillion. Almost 80% of the increase in taxes would hit the top 1% of earners.

Source: CNN September 15, 2020 00:33 UTC