WATCH: Biden budget ‘fiscally responsible,’ says OMB Director Shalanda Young

President Joe Biden’s proposed 2023 budget is “fiscally responsible” and would make new investments in the future while lowering the deficit, Office of Management and Budget Director Shalanda Young said on Tuesday.

“The budget puts forward an economically and fiscally responsible path forward—addressing our country’s long-term fiscal challenges while making smart investments that will produce stronger growth and broadly shared prosperity for generations to come,” Young said during a hearing by the House Budget Committee.

Watch the event in the player above.

Young noted the budget contained a new proposal that would tax the wealthiest Americans at at least 20 percent of all their income, including investment income that is not typically taxed every year. She said it would not affect anyone making less than $400,000 annually.

“The Budget also fulfills the president’s promise that no one earning less than $400,000 a year will pay a single penny in new taxes. And it would reduce deficits to less than half of last year’s levels as a share of the economy, while keeping the economic burden of debt low,” Young said.

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

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.