Biden to present budget proposal Monday

President Joe Biden will on Monday release his budget proposal for the next fiscal year, aimed reportedly at appealing to the moderate wing of his Democratic Party.

The budget, set to be revealed Monday afternoon, will emphasize the reduction of the massive deficit and including flexibility on social spending, as the White House attempts to reign in this administration's progressive image ahead of the November midterm.

The proposal will reportedly show a $1 trillion reduction in deficit spending over the next 10 years – produced by a proposed, new capital-gains tax that will target billionaires.

The tax would look like a minimum 20% tax rate that would hit both the income and unrealized capital gains of U.S. households worth more than $100 million. Federal spending will also be cut by $1.3 trillion as emergency pandemic measures disappear. 

According to Bloomberg, the White House proposal to Congress does not include specifics on administration's climate and social-safety-net spending goals. National security spending, a politically popular staple of the annual budget, will reportedly come out to more than $813 billion – a roughly 4% increase from the most recent spending bill.