Biden Plan Goes in Opposite Direction of GOP Wishes

President Biden unveiled the third budget of his presidency on Thursday. If you're tempted to get deep in the weeds on its details, be aware of one crucial detail: It "has no chance of becoming reality," writes Jim Tankersley at the New York Times. Still, the $6.9 trillion spending plan is seen as an important political marker in upcoming talks with Republicans, including on raising the debt ceiling. Some key points from coverage:

• Deficit cuts: The plan is an increase from the $6.3 trillion the White House expects the federal government will spend in the current fiscal year, and it would cut federal budget deficits by about $3 trillion over the next decade, per the Wall Street Journal. Full story.

• Tax hikes: Politico calls it a "campaign blueprint," one that proposes tax hikes on the wealthiest Americans and corporations, as well as the most funding ever for the military along with a slew of new social programs. House Republicans want big spending cuts, but "Biden went the opposite direction, instead proposing a 7 percent increase over current non-defense spending levels in addition to tax increases." Full story.
• More on that: From the AP: "In addition to deficit reduction, Biden's 10-year budget largely revolves around the idea of taxing the wealthy to help fund programs for the middle class, older adults and families. It would raise $4.7 trillion from higher taxes, with an additional $800 billion in savings from changes to programs." Full story.
• An expansion: The blueprint "envisions a much more expansive role for the federal government overall, aiming for close to $10 trillion in annual spending by 2033—up from roughly $6.3 trillion currently and about $6.9 trillion in the next fiscal year—funded through both the tax hikes and by reining in federal spending on prescription drugs," per the Washington Post. Full story.
• A breakdown: The Hill has a breakdown of key elements of Biden's plan, including his hope to extend the solvency of Medicare into the 2050s. Full story.
• Other side: USA Today has a look at some of the cuts being proposed by Republicans, including about $90 billion for the EPA. Full story.

(More President Biden stories.)