President Biden unveils $6.8 trillion budget proposal to Congress, aiming to cut the nation’s deficit by $3 trillion over the next decade.
The budget seeks to expand social spending programs such as Medicare and Social Security, while increasing taxes on the wealthy and big corporations.
The proposal includes a 25% minimum tax on billionaires and raising the minimum corporate tax to 28%.
Americans making over $400,000 would pay 5% in Medicare taxes, up from 3.8%.
Republicans have criticized the budget as reckless spending and are expected to release their own proposal.
The budget is the President’s opening bid to Congress and sets up the fault lines in the battle over the nation’s spending.