This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.
DENVER (KDVR) — President Biden announced the framework for his budget proposal to Congress earlier this week. Biden is proposing a total of $5.8 trillion in federal spending in the fiscal year 2023.
A big part of the funding plan is a new proposed tax on the wealthiest Americans, which is projected to raise $361 billion in revenue over the next 10 years. His plan would also reduce the annual deficit by $1 trillion over the next decade.
Jared Bernstein sits on the President’s Council of Economic Advisors. He discussed the investments the president wants to make, from making housing more affordable to improving public safety by investing in law enforcement.
You can watch the discussion on FOX31 NOW in the player above.
