Biden unveils a budget that would cut costs for families and hike taxes for the rich

Shalanda Young, director of the White House Office of Management and Budget, told NPR that the president's budget puts Congress on notice. (Kevin Dietsch/Getty Images)

The White House unveiled a new $7.3 trillion federal budget proposal on Monday, a plan that would hike taxes on billionaires and large corporations to pay for programs that would cut costs for families.

Presidential budgets generally are not blueprints for bills that will ever become law. Presidents are required by law to release a budget and the practice has become an opportunity to put price tags on White House spending proposals. It's up to Congress to pass actual spending bills, since it has the power of the purse in the Constitution.