WATCH: White House discusses budget blueprint

The White House on Monday discussed the budget blueprint that calls for higher taxes on the wealthy, lower federal deficits, more money for police and greater funding for education, public health and housing.

Watch the event in the player above.

The briefing by budget director Shalanda Young, she said “budgets are about values. And [Biden’s] 2023 budget puts our values to work.”

“It’s fiscally responsible. The budget shows that we’re on track to reduce the deficit by more than $1.3 trillion. This is the largest year-over-year decline in history and less than half of the deficit the President inherited. And that’s no accident. It’s a result of the President’s strategy to combat the pandemic and grow our economy — a strategy that has built on smart investments and helped jumpstart our recovery,” Young said at the briefing.

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.

There would be $795 billion for defense, $915 billion for domestic programs, and the remaining balance would go to mandatory spending such as Social Security, Medicare, Medicaid and net interest on the national debt.

The higher taxes outlined on Monday would raise $361 billion in revenue over 10 years and apply to the top 0.01% of households. The proposal lists another $1.4 trillion in revenue raised over the next decade through other tax increases that are meant to preserve Biden’s pledge to not hike taxes on people earning less than $400,000.

The 156-page plan also shows the splinters that persist in Biden’s coalition and the possible gaps between the promises of what is being offered and the realities of what ultimately emerges. Biden has backed many of these ideas previously without necessarily getting a full buy-in from Congress.

The proposal includes a minimum 20% tax on the incomes of households worth $100 million or more, similar to an earlier proposal Democrats in Congress began debating late last year in order to pay for Biden’s domestic spending plans. But those spending plans were put on hold after talks with West Virginia Sen. Joe Manchin collapsed.

More money would go to support law enforcement, yet bipartisan efforts at police reform have failed. The budget assumes — with a high degree of uncertainty based on forecasts made last November — that inflation at a 40-year peak gets back to normal next year.

It’s a midterm elections pitch to a nation still off balance from a chaotic few years caused by the pandemic, an economic recession, a recovery, challenges to U.S. democracy, and war in Ukraine. The Biden budget foresees cutting annual deficits by more than $1 trillion over the next decade. Those reductions would occur in large part through higher taxes and the expiration of relief spending tied to the coronavirus outbreak that began in 2020.