White House unveils 2023 federal budget, calls for new spending aimed at reducing crime, unclogging supply chains and a tax on billionaires

The Biden administration on Monday unveiled the president's budget proposal for 2023, totaling more than $5.7 trillion in spending and including a new tax on billionaires as the president looks to lower the deficit moving forward. In it, President Biden lays out his priorities for the coming year, which could be pivotal heading into the midterm election. This is the first step in the lengthy budget process and comes just weeks after Congress passed the omnibus spending bill for the rest of 2022. 

In a statement, Mr. Biden said his budget sends a "clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America."

Last year, the economy grew by a record 5.7% as the U.S. added more than 6.5 million jobs as the United States digs out from the coronavirus pandemic. But the country has been hit with the fastest inflation in 40 years, with prices up 7.9% from one year ago, and the national debt topped $30 trillion for the first time in history this year.