President Joe Biden presents budget in Philadelphia
PHILADELPHIA (CBS) -- President Joe Biden delivered his budget address in Philadelphia Thursday afternoon.
He spoke to a crowd at the Finishing Trades Institute, a union hall in Northeast Philly.
The $6.8 trillion budget includes increased spending for the military and social programs. It also includes $5 trillion in new taxes on corporations and the wealthiest Americans.
It was a quick trip to Northeast Philadelphia for President Biden, who shared his budget with a crowd of supporters – many holding signs and sporting union apparel at the union hall.
"Union strong is when we stick together, we all win," Ed Paley, of Local 252, said.
"When I found out about it a couple days ago I was really, really excited because he believes in what we believe in," Tisheia Frazier, of Overbrook and SEIU Healthcare, said.
In a nearly hour-long speech, the president spoke to a variety of topics, including slashing healthcare costs, investing in education and taxes.
"For too long, working people have been breaking their necks, but the economy has left them behind," Biden said. "Working people like you while those at the top get away with everything."
President Biden wants to hike taxes on large corporations and wealthy Americans making over $400,000 to lower the deficit, which he says his administration will reduce by nearly $3 trillion dollars over the next decade.
He also proposes reforms to ensure "high-income" earners are paying into social programs, which he says will protect social security and "extend the solvency" of medicare for at least 25 years.
"I value everyone having an even shot, not just labor, but small business owners, farmers and so many others that hold the country together who have been basically been invisible for a long time," Biden said.
Typically, presidents share their budget plans at the White House, but Biden accepted an invitation from U.S. House Rep. Brendan Boyle to come to the city. The Philadelphia congressmember is the top Democrat in the House Budget Committee.
"Here we have a president who shows up and keeps showing, and does it not just at election time," Boyle said. "That is key. To have someone in the White House who is constantly in and around our area. It means an awful lot. It helps me, frankly, to be able to advocate then to the administration."
To the sound of applause, Biden touted what he says are economic successes, including job creation, an increase in small business applications and a falling unemployment rate.
Biden is looking to cut health care costs including prescription drugs and further invest in stateside manufacturing.
"We got work to do, but we've made a lot of progress in the first two years," Biden said. "Families across the country are starting to breathe a little bit easier."
Republicans in Washington have said they'll release their own plan.
Biden pledged to meet with the speaker to discuss both budgets at any time.
Congress has until Oct. 1 to come to an agreement on the federal budget.
