President Biden is expected to unveil his budget request for the upcoming fiscal year Monday afternoon. Biden’s budget will focus on “fiscal responsibility, safety and security at home and abroad, and a commitment to building a better America,” according to the Associated Press, citing a White House official
According to the White House, Biden will also include a minimum 20 percent tax on people worth more than $100 million. Currently, billionaires can use a tax workaround to avoid paying taxes on capital gains. The White House says the tax will help reduce the budget deficit by about $360 billion in the next decade.
The proposed budget also calls for money to hire more local police officers. A Reuters report showed the money will go toward more community policing units, addressing gun crimes, and funding crime prevention programs.
Biden’s proposed budget will also prioritize national security. Biden will ask Congress for more than $800 billion in national security spending, up four percent from the previous fiscal year.
Biden’s proposed budget is just a request to Congress, and it’s unlikely he will get everything requested.
Fiscal year 2023 starts October 1, meaning Congress would need to approve a full budget by September 30 to avoid a government shutdown. But Congress hasn’t approved a budget by the deadline since 1997. Instead, Capitol Hill has turned to continuing resolutions to keep the government open while lawmakers continue working on the budget.
