Biden White House proposes higher taxes and spending

The White House has released President Joe Biden’s newest budget proposal, an aspirational plan that would raise taxes on corporations and the wealthy to fund some major spending priorities.

The budget is for 2025 but includes revenue and spending projections for several provisions for the next decade. The budget includes $7.3 trillion in spending and $5.5 trillion in tax revenue, bringing the deficit for 2025 to nearly $1.8 trillion.

Biden and the White House contend the budget would narrow the deficit, while Republicans have blasted the blueprint for its proposed tax hikes and spending programs.

Critics have also lined up to pan the plan for what they see as budget gimmicks that make its fiscal footprint look smaller.

“This is not a serious effort
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