U.S. President Joe Biden is expected on Monday to ask Congress for record peacetime military spending while raising taxes from billionaires and projecting lower government deficits.
Biden's budget proposal for the fiscal year starting Oct. 1 lays out his administration's priorities but it is merely a wish list as lawmakers on Capitol Hill make the final decisions on budget matters.
"The Budget will help keep our communities safe by putting more cops on the beat for community policing, fighting gun crime, and investing in crime prevention and community violence interventions," the official said. But he will use the opportunity to throw his explicit public support for the first time behind a new tax requiring billionaires to pay at least 20% of their income in taxes, including on the gains on investments that have not been sold.
Two sources told Reuters in February that about $773 billion would be made available for the Department of Defense, which in combination with other spending would lead to a total national security budget above $800 billion.Russia's Feb. 24 invasion of Ukraine has intensified concerns about European security, while the Biden administration continues to invest in research and development on hypersonic missiles and other modern capabilities.
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