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March 30, 2022

Andrew Campbell 

On March 28, US President Joe Biden presented a $5.79 trillion budget plan to Congress, calling for record peacetime military spending and additional aid to Ukraine, while raising taxes on billionaires and corporations and reducing government deficits. 

President Biden's proposed Pentagon budget for fiscal year 2023 includes $813 billion in defense spending, a $4 billion increase over the spending plan signed into law in early March. The defense budget continues to prioritize China as the primary strategic challenge, with an emphasis on strengthening European security in the aftermath of Russia's invasion of Ukraine.

The White House is attempting to reduce the deficit under Biden's plan. The highest-income individuals and corporations will face a $2.5 trillion tax increase over the next ten years. This included $361 billion in revenue from a minimum 20% tax on families with incomes of $100 million or more, or the top 1% of earners. 

Despite Senator Joe Manchin's criticism, Democrats believe that raising taxes to fund social programs is a good thing because it helps families afford housing, childcare, healthcare, and other necessities. President Biden's budget, on the other hand, can be viewed as a first step toward convincing Manchin, the Senate's most conservative Democrat, to return to the negotiating table.