White House Announces Biden's 2023 Budget Plan

President Joe Biden sent Congress his priority tax and spending requests for the 2023 fiscal year on Monday, outlining a proposal to spend $5.8 trillion while aiming to reduce deficits and raise taxes on the wealthy.

Biden's non-binding proposal would include roughly $31 billion in new defense spending, bringing total national defense spending to $813 billion; over $32 billion in new spending for the Justice Department and state and local law enforcement; and roughly $10.6 billion for global health security. The plan also seeks to raise the corporate tax rate  from 21% to 28%, and would require American households worth more than $100 million to  pay a  20%  or higher tax rate on their income as well as unrealized gains in the value of their liquid assets, which are typically only taxed when sold. The plan seeks to use higher taxes on corporations and wealthy people to help reduce the nation’s budget deficit by $1 trillion over the 10 years. In a statement,  Biden said the plan represents an "unprecedented commitment to building an economy where everyone has a chance to succeed."   
 
Outlets across the spectrum highlighted how though the plan is simply a proposal and not a requirement, it gives a clear look at the president's current priorities. Some coverage from right-rated outlets framed the increase in police funding as evidence that previous support of defunding police from some Democrats was unrealistic and politically ineffective.