What To Know: President Biden's budget includes increasing taxes on high earners, more funding for defense as the U.S. postures to "out-compete" China and confront other global threats, increased funding for border security, and increased funding for the Department of Justice to counter violent crime. The budget also proposes increased spending on social programs.

Pres. Biden's proposed budget lays out a plan to decrease the U.S. debt by nearly $3 trillion over the course of a decade. The Associated Press explains this context: "In February, the nonpartisan Congressional Budget Office estimated that the national debt held by the public will grow by more than $20 trillion over the next decade. ... Biden’s budget would reduce the debt, though it would still be high relative to historical levels."

Why This Matters: The president's budget request highlights the priorities of the executive branch, though Congress has the final say on how money will be spent and what taxation will look like, meaning his budget is unlikely to be passed by Congress in its current form. Now that the more than 150-page document has been submitted to Congress, months of negotiations within the House and Senate are expected to take place.

Something To Consider: Two-thirds of the annual budget is mandatory spending; the remaining one-third is discretionary spending that can be most generally broken into either military spending or nonmilitary spending. Discretionary spending is the portion that is dictated by Congress.

Joe Biden's 2024 budget is out. Aims to boost taxes on the rich, cut the national deficit; live updates (USA Today)

Helpful backgrounder (The Wall Street Journal)