Are we heading for the mother of all budget showdowns?

President Joe Biden’s budget proposal is a statement of values – an opening bid in negotiations with Republicans over programs like Social Security, and most urgently, the federal debt limit. Think, also, of his expected 2024 reelection campaign.

President Joe Biden’s $6.8 trillion budget proposal, released Thursday, is more than just a Democratic wish list for government spending, taxation, and deficit reduction. 

It’s a statement of values. It’s an opening bid in critical negotiations with Republicans over Social Security and other increasingly insolvent safety-net programs and, most urgently, the need...