President Joe Biden’s ambitious 2025 budget proposal, published Monday, is almost certain to be dead on arrival in the sharply divided US Congress ahead of national elections later this year.

Instead, the 2025 budget serves as a blueprint of the administration’s policy priorities, and highlights the sharp divisions between Democrats and Republicans ahead of Biden’s likely rematch with former president Donald Trump in November.

In a speech in Washington on Monday before the proposals were published, Biden touted the US economy as a “great comeback story.” “Nearly 15 million new jobs created so far, that’s a record. Growth is strong. Wages are rising. Inflation is down,” he said.

Here’s what is in the budget proposal, why it is unlikely to pass in Congress, and what it means for the upcoming elections:

What’s in the budget?

The $7.3 trillion budget plan contains a number of populist measures proposed previously — without success — including a 25 percent minimum tax rate for the wealthiest Americans, and a hike in the corporate tax rate from 21 percent to 28 percent.

It includes plans to strengthen social spending programs, such as restoring a popular child tax credit, and allocates almost $260 billion to “build or preserve” two million housing units, according to a statement from the White House.

In line with Biden’s previous proposals, the 2025 budget would ensure that “people making under $400,000 will not pay a single penny more in taxes,” Biden’s budget director, Shalanda Young, told reporters Monday.