President Joe Biden's new budget proposal aims to increase taxes on the wealthy and steer more money to popular programs such as Medicare. Overall, the spending blueprint coming out Thursday anticipates an additional $5.5 trillion in revenue over the next 10 years, plus $2.6 trillion in new spending. So that means an estimated $2.9 trillion reduction in the deficit. The proposal has no chance of becoming law now that Republicans are in charge of the House. But the budget plan will serve as a political talking point for a president preparing to run for reelection and trying to draw contrasts with the opposition party.
