President Joe Biden on Monday laid out his $7.3 trillion dollar budget proposal. It includes higher taxes on the wealthiest Americans and corporations, new spending on social programs, and a wide range of efforts to help with affordable housing and college tuition.
“Look, I’m in New Hampshire to talk about the budget I released today which I think will help in a big way.” President Biden said at a campaign stop.
The budget would also lower costs for families, boost investments in U.S. manufacturing, strengthen Social Security and Medicare, and reduce the deficit. It also has provisions to raise taxes on large corporations and proposes a minimum 25 percent tax on billionaires.
The White House says these provisions could cut the deficit by around $3 trillion over 10 years and cut taxes for many middle- and low-income Americans.
The budget has little chance of getting enough support in a Congress to pass, especially in the House of Representatives which is controlled by Republicans.
