Bitcoin tackles $40,000 as Biden unveils new $6 trillion federal spending budget

[Btceth01]

Bitcoin (BTC) may get a boost to finally clear $40,000 at the expense of the United States dollar, as U.S. President Joe Biden's new $6 trillion federal spending budget proposal is unveiled.
The United States president will announce the massive fiscal policy on Friday, the largest since the Second World War, to ensure investments in major infrastructure, education, and healthcare projects, reported The New York Times on May 27.
Biden reportedly wants the federal government to spend $6 trillion in 2022. He also plans to raise the total spending to $8.2 trillion by 2031.
Biden has earlier proposed significant tax hikes on American's richest companies and individuals to fund his massive spending program. But in his own words, it would take the government at least until 2030 to shrink its budget deficits. That means the United States would face a monumental debt burden as it borrows money to finance Biden's record proposal. Source