Biden unveils a budget that would cut costs for families and hike taxes for the rich

The White House unveiled a new $7.3 trillion federal budget proposal on Monday, a plan that would hike taxes on billionaires and large corporations to pay for programs that would cut costs for families.

Presidential budgets generally are not blueprints for bills that will ever become law. Presidents are required by law to release a budget and the practice has become an opportunity to put price tags on White House spending proposals. It's up to Congress to pass actual spending bills, since it has the power of the purse in the Constitution.

But the budget sends a message to voters — and to lawmakers, Shalanda Young, the director of the U.S. Office of Management and Budget, told Morning Edition's A Martinez.

"What that means is this president, unlike many who talk about fiscal responsibility, pays for every investment in the budget," Young said on NPR. "So we call on Congress: if they want to do something about our fiscal path, take up the president's budget. Ask the wealthiest in this country to begin to pay their fair share."

Young said the budget would cut taxes for millions of low and middle income families and would bring down the costs of prescription drugs and utility bills.

House Republican leaders dismissed the proposal, calling it "misguided" and full of "reckless spending."

The budget puts a price tag on Biden's plans from his State of the Union address

The budget builds on the State of the Union address Biden delivered last week, in which he outlined his administration's accomplishments and made the case for voters to reelect him, with a heavy dose of economic populism. It included tax credits for first-time homebuyers.

Speaking to the National League of Cities Monday, Biden said his plans would raise billions