Biden's 2025 budget marries progressive tax hikes with populist campaign planks

• Biden's 2025 government funding blueprint includes tax hikes on billionaires, corporate profits and other proposals that were in his 2024 budget, which has yet to be approved six months into the fiscal year.
• In late February, lawmakers struck a deal on a $460 billion to fund half of the government for the rest of the fiscal year — the deadline for the second half is March 22.
• This year, the budget also represents the key pillars of Biden's reelection campaign as the economy has weighed on the president's approval ratings in polling over the past few months.

President Joe Biden's 2025 funding proposal set to be released Monday will repackage his tax hike proposals on billionaires and corporations and many other requests from his 2024 budget, which is still under negotiation on Capitol Hill halfway into the fiscal year.

Like all presidential budgets, Biden's 2025 plan is more of a wish list than it is a policy document. This year, as the president faces a likely general election rematch against Donald Trump in November, his budget is also a statement of the Biden campaign's economic platform.

According to the White House, the budget aims to reduce the federal deficit by $3 trillion over the next 10 years largely by imposing a minimum 25% tax rate on the unrealized income of the very wealthiest households and by reshaping the corporate tax code.

Biden will also seek to shore up Medicare and Social Security, in part by relying on new, federal negotiating powers for Medicare prescription drugs and by seeking other savings in housing, health insurance and more.

Biden previewed many of the themes of his budget blueprint in his State of the Union address on Thursday.

"Do you really think the wealthy and big corporations need