White House Announces Biden's 2023 Budget Plan

Headline Roundup March 28th, 2022

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. 

From the Right
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President Biden’s 2023 budget plan, released Monday, increases funding for the police, cementing his party’s turn away from the anti-police rhetoric and policies many lawmakers and activists embraced after the murder of George Floyd two years ago.

The plan sent to Congress allocates more than $32 billion to fighting crime, especially violent crime, with $20.6 billion going to the Department of Justice and $3.2 billion in discretionary resources for funding local and state law enforcement, much of it in the form of grants to hire more police officers. About $30 billion in mandatory resources will be funneled...

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From the Left
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President Biden’s fiscal 2023 budget will call for additional military spending in the face of Russian aggression toward Ukraine, domestic funding for child care and police departments along with new taxes on the wealthiest Americans.

The proposal, which will be released on Monday, could be the last salvo of Mr. Biden’s legislative agenda, as Democrats face the prospect of losing control of Congress in what are expected to be bruising midterm elections.

Mr. Biden plans to ask Congress to help his administration tackle some of the biggest concerns facing voters, including...

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From the Center
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President Joe Biden’s 2023 federal budget, released Monday, proposes tax hikes on the ultra-wealthy and corporations while providing billions of dollars in new spending for the Defense Department and the Justice Department.

The proposal sent to Congress touts a reduction in the federal budget deficit of more than $1 trillion over the next 10 years. This is paid for, in part, by raising the corporate tax rate from 21% up to 28%, a rate favored by progressive Democrats but opposed by key moderates. Biden also proposes a new 20% minimum tax...

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