Biden's whopping $7.3T budget includes $5.5T in tax hikes, $11.8B for the border crisis, and $850B for the Pentagon — is it 'reckless spending' or much-needed relief for American families?

However, the proposal was met with significant pushback from Republicans, who promise to reduce the national deficit much faster with their own budget plan that includes cuts to spending in areas like green energy subsidies and student loan forgiveness while reducing taxes.

“The price tag of President Biden’s proposed budget is yet another glaring reminder of this administration’s insatiable appetite for reckless spending and the Democrats’ disregard for fiscal responsibility,” House Speaker Mike Johnson, said in a statement.

“Biden’s budget doesn’t just miss the mark – it is a roadmap to accelerate America’s decline.”

A breakdown of the budget

Although some are slamming Biden’s request for increased spending on social programs, it also arrives at a time when middle-class America is being squeezed by ongoing inflation.

The White House says the budget will lower taxes for middle and low-income Americans by $765 billion over a decade. There are new proposed tax breaks for low- and middle-income Americans, like credits for first-time homebuyers and expanded assistance for people to buy health insurance.

The president wants to restore $80 billion in IRS funding, strengthen the finances of Medicare and Social Security, lower prescription drug prices and establish a national paid family and medical leave program, among other things.

However, the proposal also calls for $850 billion for the Defense Department and reiterates previous requests for continued aid to Ukraine and Israel and $11.8 billion in increased border security.