WATCH: Defense Secretary Austin appears before Senate Armed Services Committee on 2023 budget

Defense Secretary Lloyd Austin appeared before the Senate Armed Services Committee on Thursday to discuss President Joe Biden’s proposed 2023 budget.

Watch Austin’s remarks in the player above.

Austin asserted the need to match the “rapidly evolving” military capabilities of U.S. competitors such as China and Russia.

“To address these challenges, we have developed a budget that we believe offers the right mix of capabilities across all domains, while retiring certain platforms that no longer meet the needs of the Joint Force.

Biden announced the budget blueprint last week that calls for higher taxes on the wealthy, lower federal deficits, more money for police and greater funding for education, public health and housing.

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Appearing at the White House with Young on Monday, Biden said the proposal sends a clear message to the public about “what we value.” He outlined a focus on fiscal responsibility, safety and security and investments to “build a better America.”

The document essentially tries to tell voters what a diverse and at times fractured Democratic Party stands for ahead of the midterm elections that could decide whether Congress remains under the party’s control.

Biden is proposing a total of $5.8 trillion in federal spending in fiscal 2023, which begins in October, slightly less than what was projected to be spent this year before the supplemental spending bill was signed into law this month. The deficit would be $1.15 trillion.

This is a developing story and will be updated.