Pres. Biden proposes new budget

March 28, 2022
President Biden releases his proposed budget for 2023 fiscal year.

Budgets are statements of values, and the budget I am releasing today sends a clear message that we value fiscal responsibility, safety and security at home and around the world …

Pres. Biden in a statement about the proposed 2023 budget of $5.8 trillion.
  • President Biden announced his proposed budget on Monday. It includes higher taxes on the wealthy (households worth $100 million+), as well as increased funding for police forces, education, public health and housing, future pandemic preparedness, and for climate-related causes.
  • The budget must undergo discussion and revisions in Congress before it is voted on and approved. The final version will entail federal spending for fiscal year 2023, which begins in October.
  • Some Republicans have criticized the proposed tax increases. Rep. Jason Smith of Missouri, the top Republican on the House Budget Committee, remarked: "What this budget shows is that President Biden values more spending, more debt, more taxes and more pain for the American people.”

Why It Matters: Proposed budgets paint a bigger picture of what administrations are hoping to accomplish, with the expectation that revisions will be made in order for them to be passed. However, more than 50% of the annual budget already goes towards mandatory spending (Medicare, Medicaid, interest on national debt, etc).

Biden says budget targets Trump's 'fiscal mess,' raises taxes on wealthy (Reuters)

Biden’s budget plan: Higher taxes on rich, lower deficits (Associated Press)

Here's what's in Biden's $5.8 trillion budget proposal — and what's next (Politico)

A helpful background on How the Federal Budget Process Works

by Jenna Lee,