By Trevor Hunnicutt
WASHINGTON (Reuters) – U.S. President Joe Biden is expected to ask Congress on Monday for record peacetime military spending while raising taxes on billionaires and planning for lower government deficits.
Biden’s budget proposal for the fiscal year beginning Oct. 1 lays out his administration’s priorities, but it’s just a wish list as lawmakers on Capitol Hill make the final decisions on budget matters.
The document offers new insight into Biden’s thinking as he tries to stop Russia’s invasion of Ukraine and prepares for the Nov. 8 midterm elections that could see his Democratic Party lose the Congressional control.
“The president’s budget will reflect three important values: fiscal responsibility, safety and security at home and abroad, and a commitment to building a better America,” a White House official said.
“The budget will help keep…