Biden proposes $6.8 trillion budget for FY 2024, trillion more than last year

President Joe Biden on Thursday announced a $6.8 trillion budget for Fiscal Year 2024, which is $1 trillion more than his budget proposal last year.

Biden proposed increasing taxes in order to fund the budget. 

"You have to begin to pay your fair share," Office of Management and Budget Director Shalanda Young said, Axios reported.

The proposal is unlikely to be passed by Congress.

The budget is four times larger than the $1.7 trillion omnibus budget package Congress passed last year.

The Biden administration says the budget would reduce the deficit by nearly $3 trillion over the next decade. The White House plans on doing this by raising the overall corporate tax rate from 21% to 28%, quadrupling corporate stock buybacks and creating a new billionaire tax.

Currently, the national debt sits at more than $31 trillion, up from $27.7 trillion when Biden became president.