Biden proposes $6.8 trillion budget to make rich pay "fair share"

President Biden is detailing his plans to increase taxes on the wealthiest Americans and corporations in his Fiscal Year 2024 budget to help fund $6.8 trillion in spending next year.

Why it matters: Biden's plan, which has little chance of being enacted by Congress, amounts to the clearest distillation of his political priorities as he prepares to mount a re-election campaign by running against congressional Republicans.

"My 2024 Budget is a blue-collar blueprint to rebuild America in a fiscally responsible way that leaves no one behind," Biden said.

The message to the wealthiest Americans was clear: "You have to begin to pay your fair share," Shalanda Young, the director of the Office of Management and Budget, told reporters. "We are happy to have that debate."

By the numbers: Biden is proposing $885 billion in overall defense spending, both to help fund the war against Russia in Ukraine and bolster the Pentagon’s procurement budget.