Biden's budget boosts military, raises taxes on billionaires, companies

Biden's plan also calls for increased spending on community policing, fighting gun crime, and investing in crime prevention, as well as added funding for affordable housing

U.S. President Joe Biden on Monday submitted a $5.79 trillion budget plan to Congress that calls for record peacetime military spending while raising taxes for billionaires and companies and lowering government deficits.

Biden's budget proposal for the 2023 fiscal year starting Oct. 1, lays out his administration's priorities, including campaign promises to make the wealthy and companies pay more tax. But it is merely a wish list as lawmakers on Capitol Hill make the final decisions on budget matters.

The plan is based on economic assumptions locked in on Nov. 10, well before Russia's invasion of Ukraine, which has exacerbated previous inflationary