Washington — President Biden on Monday released a budget proposal aimed at getting voters' attention: It would offer tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations.Unlikely to pass the House and the Senate to become law, the proposal for fiscal 2025 is an election year blueprint about what the future could hold if Mr. Biden and enough of his fellow Democrats win in November.
Still, military spending over 10 years would fall by $146 billion to $9.57 trillion.One key theme in the budget plan is an effort to help families afford their basic needs, as the impact of inflation hitting a four-decade high in 2022 continues to leave many voters feeling as though they're worse off under Mr. Biden. The budget proposal includes $258 billion to help build or preserve 2 million homes, helping to address a national shortage that has kept housing prices high.