Biden’s 2023 budget would hike taxes on the ultra-rich and corporations, boost defense and police spending

US President Joe Biden, with Treasury Secretary Janet Yellen (L) and Defense Secretary Lloyd Austin (R), speaks during a meeting with his cabinet at the White House in Washington, DC, on March 3, 2022.

President Joe Biden's federal budget for fiscal year 2023 proposes tax hikes on the wealthy and corporations while giving billions of dollars in new spending at the Defense Department and the Justice Department.

Over the next 10 years, the federal budget deficit will be reduced by more than $1 trillion. This is paid for by raising the corporate tax rate from 21% to 28%, a rate favored by progressive Democrats but opposed by key moderates. A minimum tax of 20% is proposed for households worth more than $100 million.

This year over year deficit reduction was achieved in large part by the phasing out of the most generous federal safety net programs.

On a call with reporters Monday, the White House credited Biden's economic policies with creating economic growth that was strong enough to justify cutting back on pandemic assistance programs.

The focus of the budget is shifting away from the Pandemic, which has subsided after the massive Omicron wave late last year. There are no emergency funds being requested.

The budget focuses on the need to tackle crime and public safety in place of Covid.

Key items are listed.

• Approximately $31 billion in new defense spending, which will bring the total national defense spending up to $813 billion.
• As part of that defense spending, $6.9 billion is directed to NATO, European defense, Ukraine and countering Russian aggression, according to the White House.
• More than $32 billion in spending to fight crime at home, including more than $20.6 billion at the Justice Department and another $3.2 billion for state and local law enforcement grants and for hiring police officers.
• Roughly $10.6 billion for global health security, which includes Covid as well as future pandemics.

The budget is a plan for Democrats in Congress, who currently hold slim majorities in the House and Senate, but face a tough time going into the November elections.

The budget has a little bit of everything for them. Biden's proposed tax hikes and the budget's additional climate change funding are likely to be the focus of progressives in deep blue districts.

Moderate Democrats will likely approve of the additional funding for the Pentagon and police.

This is breaking news. You can check back for updates.