Biden's new $5.8 TRILLION budget plan includes much more spending, more taxes

On Monday, President Biden revealed his new proposals for the federal budget for 2023. They included some $5.8 trillion in spending, and heavy tax hikes for America's wealthy.

"Budgets are statements of values," tweeted the president. "The budget I am releasing today sends a clear message: we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue building a better America."

Biden claims that his plan will also, over the next decade or so, act to bring down the national deficit, according to The Hill.

Interestingly, Biden's proposals make no mention of his previous and controversial  "Build Back Better" program in any way, shape or form. Specifically, it appears to take a different approach, including in its place "a deficit neutral reserve fund as a placeholder for a future agreement between the administration and Congress."

Shalanda Young, the director of the Office of Management and Budget, talked with the press about Biden's plan, saying, "Because those discussions with Congress are ongoing, the budget does not include specific line items for investments associated with that future legislation."

"The deficit neutral reserve fund is meant to leave the space, the revenue specifically, to allow congressional negotiators the room to do what President Biden has asked."

Young further indicated that the budget is intended to lower costs of living for American families in general, and to expand the American economy, while lowering the deficit at the same time.

It's important to note on this issue that ultimately, Biden's proposals are exactly that: proposals. The US Congress has been and is still responsible for making up and passing federal budgets.