President Joe Biden is discussing his budget proposal and priorities for the year during a speech in Philadelphia, Pennsylvania.

The budget proposal is Biden's first since Republicans took the majority in the House of Representatives after last year's elections.

WHAT TO EXPECT FROM BIDEN'S ANNUAL BUDGET BLUEPRINT SET TO BE RELEASED THIS WEEK

Shalanda Young, director of the Office of Management and Budget, outlined "strengthening and protecting" Social Security and Medicare and "reducing the deficit by $2 trillion over the next 10 years" as two of the focuses of the budget in a video posted last week.

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Biden has made protections for Social Security and Medicare a key part of his pitch for spending plans, despite not being contested by House Republicans. The House GOP has pushed for a "balanced budget" and spending cuts, but leaders say they are waiting for Biden to release his budget proposal before publishing their counterproposal.