President Joe Biden’s 2023 federal budget proposes tax hikes on the ultra-wealthy and on corporations while providing billions of dollars in new spending at the Defense and Justice Departments. Joe, Becky, and Andrew digest the proposal, its potential to bolster domestic investment, and plans to reduce the federal deficit. In light of increasing Covid infections, Shanghai began a two-stage lockdown today. CNBC’s Eunice Yoon reports the lockdown of China’s largest city includes orders to work from home as well as the suspension of public transit and ride hailing. Dr. Scott Gottlieb, former FDA commissioner and CNBC contributor, discusses China’s zero-Covid policy and says Shanghai will have a hard time containing Covid infections. Plus, Axios media reporter, Sara Fischer recaps Sunday’s memorable Oscars ceremony, slaps, streaming wins, and all. In this episode:Dr. Scott Gottlieb, @ScottGottliebMDEunice Yoon, @onlyyoontvSara Fischer, @sarafischerAndrew Ross Sorkin, @andrewrsorkinBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkKatie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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