President Biden released his proposed $7.3 trillion budget for the fiscal year 2025 this week. What's in it, and what impact will it have?

Taxes: The proposal includes a plan to raise taxes on the wealthiest Americans and corporations, and would require billionaires to pay at least 25% of income in taxes. This increase would also apply to corporations with high profits and instances of low taxes. 

Debt: Under the proposal, the national debt would climb "to a high of 106 percent of GDP by 2030... In nominal dollars, debt would grow by $17.7 trillion, from $27.4 trillion today to $45.1 trillion by the end of 2034," according to the nonpartisan Committee for a Responsible Federal Budget (CRFB). It would also "reduce projected deficits by $3.3 trillion on net through 2034."

Would It Help?: CRFB said the plan "encouragingly pays for new initiatives and reduces deficits. However, it falls short of proposing the necessary deficit reduction that is needed to put the nation on a sustainable fiscal path and fails to recognize the immense cost of extending expiring tax provisions." Regardless, the budget is "highly unlikely to pass" Congress given Republican control of the House, according to The New York Post (Lean Right bias) and CBS News (Lean Left). 

How the Media Covered It: Left-rated outlets often framed the plan as beneficial for taxpayers. Right-rated outlets often framed the plan as excessive and "woke".