The Biden administration released its budget request for fiscal year 2023 on March 28, 2022, calling for $5.8 trillion in federal spending and a $1.2 trillion deficit.
The president’s budget includes $1.6 trillion in discretionary spending, funding boosts for nearly every agency, and tax hikes for corporations and wealthy households.
Biden’s budget by the numbers
- The budget total is $5.8 trillion for fiscal 2023, including $1.6 trillion in discretionary spending.
- The budget also projects a $1.2 trillion deficit in fiscal 2023 – a significant drop from the last two years.
Key takeaways from Biden’s budget
The budget covers a wide range of policy and funding priorities for the administration, including the following highlights:
Focus on deficit reduction – part of an effort from the administration to appeal to moderate Democrats as they negotiate the broader social spending and tax package previously called the Build Back Better agenda, which has stalled in the Senate.
- This budget would reduce deficit spending by $1 trillion over the decade, in large part because of major proposed tax increases on corporations and the wealthy.
Source: https://about.bgov.com
