Do deficits matter anymore? Biden’s first budget signals they don’t.

Many of the initiatives Biden wants to spend more on are popular with the public. He’s calling for more money for education, research, roads and bridges, high-speed Internet for all, universal pre-K, safety-net programs and expanded home health care for the elderly. All together, Biden is proposing the kind of massive expansion of the federal government’s role in the economy not seen since World War II. And, initially, it would be largely funded by borrowing money.