President Biden released a budget proposal topping $7 trillion for the next fiscal year, which the Associated Press reports is unlikely to pass the House and Senate and become law. It’s an election-year blueprint sketching what the future could hold if Biden and enough Democrats win in November.
The proposal includes tax breaks for families, an increased childcare credit, aid to first-time home-buyers, and higher taxes on corporations and billionaires, who would be charged a minimum tax of 25% percent. Drug costs would be capped at $2,000 and insulin at $35.
The budget also requests funding related to wildfire, drought, and climate change, and proposes a 14% increase in the money funneled to programs that address violence against Native American women.
House Speaker Mike Johnson, a Republican from Louisiana, calls the proposal a glaring example of “reckless spending.”
Congress is still working on a budget for the current fiscal year.