The Biden administration’s proposed budget for the upcoming fiscal year would slice $3 trillion off the national deficit over the next decade while also aiming to lower costs for middle-class families, the White House announced Monday.

The new initiatives — on health care, child care, homeownership and more — would be paid for by tax hikes on large corporations and the wealthiest Americans.

“The president has made lowering costs for hardworking families his top economic priority,” Shalanda Young, director of the Office of Management and Budget, told reporters. “Under his leadership, we have seen significant progress bringing down inflation.  Families need more breathing room.”

Unlikely to pass the House and Senate to become law, the $7.3 trillion proposal for fiscal 2025 is an election-year blueprint about what the future could hold if Biden and enough of his fellow Democrats win in November.

The proposal seeks to lower health care costs, including by expanding the number of drugs, to 500, for which Medicare can negotiate lower prices with pharmaceutical companies and expedite the negotiation process. The budget would also expand inflation rebates on drugs and extend a $35 cap on insulin to the commercial market. 

It also would restore the expanded child tax credit, which was part of the 2021 pandemic-recovery package passed by Congress but has since expired. The credit has been credited with lowering the rate of childhood poverty by more than half. 

Biden’s budget would also establish a new program that would offer working families earning less than $200,000 annually with high-quality child care from birth until kindergarten for no more than $10 a day.

It also aims to make affordable housing more accessible, offer tax credits for middle-class first-time homebuyers and homeowners selling their starter homes, and make $4 billion in grants available to help end homelessness.

And the president, through budget requests, wants to lower the cost of college, protect Social Security and Medicare, and combat crime, among other goals.

The proposal also restates Biden’s fall supplemental requests to fund security assistance for Ukraine, Israel and Taiwan and to better secure the U.S.-Mexico border. The Senate passed a $95.3 billion bill for foreign aid last month, but the House has not brought it to the floor over concerns from Republicans about additional Ukraine assistance. GOP lawmakers in the House and Senate rejected a bipartisan border and immigration deal after former President Donald Trump voice his opposition to it. 

“It’s frustrating,” Young said. “We have been asking for support for Ukraine since September. We have to remember, after Oct. 7, we asked for support for Israel. … And we have been asking for, not just since September, the president has asked four times for border security funding to be given … and mostly turned down.” 

The budget proposal repeats a Biden promise not to raise taxes on anyone earning more than $400,000 a year. It would, however, hike the corporate tax rate from 21% to 28% — still below the 35% it stood at before Trump and Republicans cut it in 2017. It also would require billionaires to pay at least a 25% income tax rate, raise the capital gains tax for households making more than $1 million to 39.6% “just like a high-paid worker pays on their wages,” the White House said,” and deny corporate tax deductions for employees making over $1 million.

The president is traveling Monday to Manchester, New Hampshire, where he’ll call on Congress to apply his $2,000 cap on drug costs and $35 insulin to everyone, not just people who have Medicare. He’ll also seek to make permanent some protections in the Affordable Care Act that are set to expire next year.

All of this is a chance for Biden to try to define the race on his preferred terms, just as the all-but-certain Republican nominee, Donald Trump, wants to rally voters around his agenda.

“A fair tax code is how we invest in things that make this country great: health care, education, defense and so much more,” Biden said at Thursday’s State of the Union address, adding that his predecessor enacted a $2 trillion tax cut in 2017 that disproportionately benefited the top 1% of earners.

Trump, for his part, would like to increase tariffs and pump out gushers of oil. He called for a “second phase” of tax cuts as parts of his 2017 overhaul of the income tax code would expire after 2025. The Republican has also said he would slash government regulations. He has also pledged to pay down the national debt, though it's unclear how without him detailing severe spending cuts.

“We’re going to do things that nobody thought was possible,” Trump said after his wins in last week's Super Tuesday nomination contests.

House Republican leadership said in a statement that Biden's budget plan "is yet another glaring reminder of this Administration’s insatiable appetite for reckless spending and the Democrats’ disregard for fiscal responsibility."

“While hardworking Americans struggle with crushing inflation and mounting national debt, the President would increase their pain to spend trillions of additional taxpayer dollars to advance his left-wing agenda," Speaker Mike Johnson, R-La., and other GOP leaders said.

House Republicans on Thursday voted their own budget resolution for the next fiscal year out of committee, saying it would trim deficits by $14 trillion over 10 years. But their measure would depend on rosy economic forecasts and sharp spending cuts, reducing $8.7 trillion in Medicare and Medicaid expenditures. Biden has pledged to stop any cuts to Medicare.t.

Young argued Monday that congressional Republicans “don’t show you what they cut, who they harm" while Biden's plan is detailed.

“Congressional Republicans give us their top line, which have rosy economic projections that don’t fit reality,” she said. “They also don’t tell you they’re going to cut the National Institutes of Health, they’ll cut border security, they’re going to cut child care, they’re going to cut Head Start. That’s the only way to do it.”

Meanwhile, Congress is still working on a budget for the current fiscal year. On Saturday, Biden signed into law a $460 billion package to avoid a shutdown of several federal agencies, but lawmakers are only about halfway through addressing spending for this fiscal year.

Note: This article was updated to include the statement from House Republican leadership.