Heritage experts immediately went to work analyzing the mounds of new spending on education, manufacturing, “clean energy,” infrastructure, and small business.

But the President didn’t stop at more of the same failed stimulus and Solyndra-type policies. He also piled on the tax increases—including on seniors, the poor, and the middle class.

Five key things to know about President Obama’s budget:

1. It hikes taxes by $1.1 trillion.

Heritage’s Curtis Dubay says: “There was little doubt that President Obama would propose a huge tax hike in his budget. It is a bit surprising, however, that the total tax increase he proposes is almost double what he claims it to be.”

Dubay explains where all the tax increases come from—including the “Buffett Rule,” capping tax deductions, and hiking the cigarette tax and the death tax.

Heritage’s Patrick Louis Knudsen explains that “While boosting domestic spending, the President remains indifferent to national security needs. His proposed defense spending, though somewhat higher than sequestration levels, remains inadequate.” Baker Spring says, “The result is going to be a defense posture that is too small in terms of both personnel and force structure, does not include modern weapons and equipment, and does not provide adequate levels of training and maintenance.”

3. It doubles down on Obamacare.

The Obama budget actually expands parts of Obamacare and even includes new changes to Medicare that create two sneaky new “taxes” on seniors. Obamacare’s “malignant new entitlements—its health insurance subsidies and Medicaid expansions—start in this 2014 budget,” Knudsen reminds us.