3/29/22 - President Biden Releases His 2023 Budget

The new federal budget would include tax hikes on the wealthy and more money for the Defense Department.

WASHINGTON DC - President Joe Biden proposed a $5.8 trillion budget Monday.

In the second budget request of his presidency, Pres. Biden proposed spending roughly $1.6 trillion on domestic investments for fiscal year 2023  including additional funding for affordable housing, anti-gun violence initiatives and manufacturing investments to address supply-chain issues.

The White House budget is a request to Congress and reflects the president's priorities and where an administration wants to direct its energies going forward.

Pres. Biden's latest proposal highlights a domestic agenda that focuses more on issues that are worrying voters including rising consumer prices, crime and health care.

"It makes prudent investments in economic growth or equitable economy, while making sure corporations and the very wealthy pay their fair share," Biden said Monday during remarks at the White House.

The president added his budget focuses on domestic and foreign security.

"The answer is not to de-fund our police departments. It's to fund our police and give them all the tools they need," Biden said.

Also in the budget:

-U.S. Customs and Border Protection’s budget would receive $15.3 billion under the new budget.

-Pres. Biden’s budget proposal includes a 40% boost to a federal program that provides low-income women with birth control and other family planning services.

-The budget proposal cited the Russian invasion of Ukraine as a reason for such a high figure for defense funding — requesting $773 billion for the Pentagon’s budget in 2023.

-Pres. Biden also  proposed raising the corporate tax rate to 28%, up from the current 21% rate.