The U.S. national debt is rising by $1 trillion about every 100 days

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4. Taxing the rich to cut deficit: Five takeaways from President Biden's proposed budget

WASHINGTON ― President Joe Biden released a federal budget Monday that carves out new social programs for housing, health care and child care and reduces the deficit by $3 trillion over the next decade by raising taxes on corporations and the wealthiest Americans.

Biden's $7.3 trillion budget for the 2025 fiscal year ? a 4.7% increase over the current budget ? seeks to boost defense spending by 1% and non-defense discretionary spending by 2.4%.

The spending complies with caps that House Republicans pushed in last year's Fiscal Responsibility Act in exchange for raising the debt limit. Although the budget has no chance of advancing in the Republican-controlled House of Representatives, it establishes Biden's priorities for the campaign and creates contrasts for an election rematch against presumptive Republican nominee Donald Trump.

"We are the only nation that has emerged from every crisis we have entered stronger than we went in. While my Administration has seen great progress since day one, there is still work to do. My Budget will help make that promise real," Biden wrote in a budget document to Congress.

https://www.usatoday.com/story/news/politics/elections/2024/03/11/biden-federal-budget-proposal-takeaways/72929087007/