Biden unveils massive $7.3T budget with $5.5T in tax hikes, plans for ‘highest burden’ in US history

President Biden unveiled his election-year budget pitch Monday, calling for $5.5 trillion in tax increases by raising rates on the wealthy and corporations — while spending $7.3 trillion on defense, federal benefit programs, affordable housing and student debt cancellation, among other proposals.

The fiscal year 2025 budget — which is highly unlikely to be approved by Congress — matches last year’s topline tax increase level and spends $300 billion more while purportedly cutting the federal deficit by $3 trillion over the next 10 years, the White House said on Monday.

Fiscal hawks and Republicans alike were quick to call out the administration for the “reckless spending.”