Biden’s Budget Proposal

🏛️ The White House officially unveiled a new $5.8 trillion budget proposal for the fiscal year 2023, which begins October 1.

• A large chunk of that money (~$3 trillion) is allocated towards Social Security, Medicare and Medicaid, and is paid out automatically every year.
• Biden’s proposal calls for a 4% boost in defense spending from $782 billion to $813 billion. That’s more than double the 1.6% increase in last year’s budget.
• It also requests $32+ billion in new spending over the next decade on a variety of programs to expand law enforcement and crime prevention.
• Biden’s budget projects that this year’s deficit will be $1.2 trillion less than last year as pandemic-era spending is phased out.
• The White House also plans to decrease the deficit an additional $1 trillion over the next decade through higher taxes on corporations and America’s wealthiest households.

👀 Looking ahead… The White House's budget isn't a binding document, but a blueprint that signals the administration's priorities. Congress will now hold hearings to question Biden administration officials about their specific requests before developing its own budget resolution.

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