By Teaganne Finn -
NBC News
President Joe Biden's budget plan for fiscal year 2023 increases additional military spending as Russia's invasion of Ukraine proceeds.
He also seeks stricter regulation of guns and a tax measure aimed at billionaires.
The proposal includes $6.9 billion for the European Deterrence Initiative, the North Atlantic Alliance (NATO) and the fight against Russian attacks.
"I call for one of the largest investments in our national security in history, with
the funds necessary to ensure that our Military remains the best prepared
, trained and equipped in the world," Biden said in a statement.
US President Joe Biden meets with service members from the 82nd Airborne Division in Poland. BRENDAN SMIALOWSKI / AFP via Getty Images
"Furthermore, I want continued investment to forcefully respond to Putin's aggression against Ukraine with the support of the United States directed at the economic, humanitarian and security needs of that country," the president added.
The White House expects
the proposal to reduce the federal deficit by more than $1 billion over the next decade.
Congress takes into account the president's recommendations and prepares its own budget, often ignoring the proposals that come from the leaders.
Republicans have long criticized the Democrats' federal budget deficit, especially in 2020, when a record $3.3 billion was estimated, as a result of pandemic relief packages.
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This latest budget proposal from the president appears to counteract the Republicans' line of attack ahead of the midterm elections.
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White House officials told reporters in a call Monday that there have been major changes in the economy since the budget forecast was "locked in" in November.
The Russian invasion of Ukraine
"will have ramifications that are not reflected in our forecasts
," Council of Economic Advisers President Cecilia Rouse said during the call.
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"It will likely push up energy and food prices. This, in turn, could reinforce inflation that was already a problem before the invasion due to supply chain constraints from the pandemic," Rouse said.
He added that for these reasons the independent forecasts expect a somewhat slower growth of the Gross Domestic Product, but still expect inflation to drop.
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The budget also proposes $1.7 billion for the Bureau of Alcohol, Tobacco, Firearms and Explosives to expand its strategy to combat gun trafficking with additional staff and increased regulation of the firearms industry.
In addition, the budget invests $367 million, an increase of $101 million from what was approved in 2021, in the Department of Justice to support police reform, the prosecution of hate crimes, the application of the right to vote and efforts to provide equitable access to justice.
One part of the proposal is a new minimum tax targeted at the wealthiest American households.
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The Billionaires' Minimum Income Tax plan would impose a 20% rate on US households with more than $100 million.
More than half of the revenue would come from those with an estimated fortune of at least $1 billion.
The White House estimates that, if passed, the tax would reduce the deficit by about $360 billion over the next decade.