Biden budget highlights: Lots of spending, taxing the rich

President Joe Biden’s $6 trillion budget proposal offers major new initiatives like child and elder care subsidies, generous tax credits for families and the working poor, and free community college

WASHINGTON -- President Joe Biden's $6 trillion budget proposal offers major new initiatives like child and elder care subsidies, generous tax credits for families and the working poor, and free community college. It also promises politically freighted tax increases on the wealthy and corporations and would give domestic Cabinet departments significantly bigger budget increases than the Pentagon. But like all presidential budget plans, Biden's proposal needs the approval of lawmakers, who can change the allotments and dollar figures. Here are some other things to keep in mind about Biden's budget: LOTS OF SPENDING