WASHINGTON - US President Joe Biden has proposed a $5.8 trillion budget that increases military and police spending and raises taxes on the rich.
The document also outlined plans to reduce the nation’s budget deficit by $1 trillion over the next decade.
The president’s proposed budget would raise taxes on billionaires and corporations as well as increase spending on the military and domestic priorities like affordable housing and supply chain issues.
President Biden’s budget proposal would increase military spending amid Russia’s invasion of Ukraine and put more funding toward domestic priorities.
Biden says his budget reflects his priorities.
In the second budget request of his presidency, Mr. Biden proposed spending roughly $1.6 trillion on domestic investments for fiscal year 2023 — a 7 percent increase over current levels — including additional funding for affordable housing, anti-gun violence initiatives and manufacturing investments to address supply chain issues that have helped fuel rapid inflation.
While the White House budget is simply a request to Congress, which controls the government’s purse strings, it is a snapshot of a president’s priorities and where an administration wants to direct its energies going forward.