PRESIDENT Joe Biden has unveiled his new budget proposal.
And it's going to cost quite a pretty penny if it passes.
What is in President Biden's $6trillion budget proposal?
At the core of Biden's $6trillion budget proposal is an increase in taxes for the wealthy, and an increase in domestic spending.
Additionally, Biden is proposing that trillions of dollars be spent on American infrastructure.
Biden is also proposing free pre-K and community college to all citizens, and an expansion of a variety of existing domestic programs.
Biden says that he will cover the bill for this by increasing taxes on the wealthy and on corporations.
Will the middle class get an increase in taxes under Biden's proposed plan?
Biden insists that under his proposed plan, the middle class — anyone making under $400,000 a year — would not get an increase in taxes.
Despite the increase in taxes for corporations and the wealthy, the proposed budget would run a $1.6trillion deficit.
"The Budget invests directly in the American people and will strengthen our Nation’s economy and improve our long-run fiscal health," Biden said.
"It reforms our broken tax code to reward work instead of wealth, while also fully paying for the American Jobs Plan and the American Families Plan over 15 years. It will help us build a recovery that is broad-based, inclusive, sustained, and strong."
Has Biden already met with opposition for his budget plan?
As can perhaps be expected, Republicans have opposed Biden's proposed budget plan.
Senator Lindsay Graham has already come out against Biden's proposal.
“It is insanely expensive. It dramatically increases nondefense spending and taxes," he said.
“There will be serious discussions about government funding. But the Biden budget isn’t serious and it won’t be a part of those discussions.”
The discussions for the budget will continue, for now, until a resolution is met.
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