President on Thursday released a $6.8 trillion budget that includes sweeping new taxes on the rich, targets corporations, and expansions for social programs like prekindergarten, child care, and paid family leave.
The budget calls for a whopping $5.5 trillion in new tax revenue over the next decade and is projected to reduce the deficit by $3 trillion over 10 years.
The budget proposes a 7.3 percent increase in non-defense discretionary spending - about double its increase in defense spending. It calls for $842 billion to be allocated to the budget - an increase over 2023's $816 billion. That includes a 5.2 percent pay raise for troops.
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