U.S. President Joe Biden is expected on Monday to ask Congress for record peacetime military spending while raising taxes for billionaires and projecting lower government deficits.
Biden’s budget proposal for the fiscal year starting Oct. 1 lays out his administration’s priorities but it is merely a wish list as lawmakers on Capitol Hill make the final decisions on budget matters.
The document offers fresh insight into Biden’s thinking as he attempts to halt Russia’s invasion of Ukraine and prepares for a Nov. 8 midterm election that could see his Democratic Party lose its control of Congress.
