U.S. dollar banknotes, coins and an image of White House are arranged for a photograph in Washington D.C., the United States, on Aug. 20, 2019. (Xinhua/Liu Jie)

FISCALLY RESPONSIBLE?

Biden said his tax policies would add up to more than what he has proposed to spend in just 15 years. "It's honest. It's fiscally responsible," said the U.S. president, noting that it reduces the federal debt over the long haul.

"It is a matter of concern that Mr. Biden is planning to raise taxes over a 15-year period to pay for an eight-year expenditure plan. This implies that his plan would further add to the already unusually large U.S. budget deficit," Desmond Lachman, resident fellow at the American Enterprise Institute and a former official at the International Monetary Fund, told Xinhua via email on Wednesday.

"That could heighten the risk of overheating and add fuel to the increase in long term U.S. Treasury bond yields that could be disruptive to financial markets," Lachman added.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a U.S. watchdog group, argued that "we are becoming dangerously numb to borrowing massive amounts of money."

MacGuineas noted that the country borrowed nearly 5 trillion dollars before the crisis for tax cuts and spending increases that were "not justified," and has taken on more than 5 trillion dollars in debt to fight COVID-19 since the start of the pandemic.

In the coming weeks, Biden is expected to unveil another major spending plan focused on expanding health care, child care and education. The two packages combined could cost over 3 trillion dollars, according to U.S. media reports.