President Joe Biden’s 2023 budget priorities call for big increases in military spending, and a proposed tax on the wealthiest in the country could reduce deficits. Congress must create and pass federal budgets, so Biden’s plan is more of a wish list than anything else, but presidential priorities often influence how the country spends its money.
“I’m calling for one of the largest investments in our national security in history, with the funds needed to ensure that our military remains the best-prepared, best-trained, best-equipped military in the world,” Biden said in a statement. “In addition, I’m calling for continued investment to forcefully respond to Putin’s aggression against Ukraine with U.S. support for Ukraine’s economic, humanitarian and security needs.”
Much of the budget focuses on social and domestic policies such as poverty fighting programs and farm policies. However, a handful of proposals could impact manufacturing and industrial production. Scroll through the slideshow to see highlights from the Office of Management and Budget’s summary (or click here to download a PDF of the report).