Biden’s $7.3T budget proposal focuses on tax, social programs

President Joe Biden proposed a $7.3 trillion budget for the next fiscal year on Monday, aiming to raise taxes on wealthy individuals and corporations, while addressing issues such as prescription drug costs, child care and housing.

The budget plans to reduce the deficit by $3 trillion over the next decade and increase taxes by $4.9 trillion.

Military spending would rise to $895 billion, with overall spending increasing by $300 billion.

However, the proposal faces challenges in Congress, with Republicans criticizing it as reckless.

The budget focuses on initiatives like subsidized child care, housing and education, while also aiming to stabilize Medicare and enhance tax credits. It also includes provisions for immigration and aid for Ukraine.

Overall, it reflects Biden’s economic priorities as the presidential election looms.