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President Biden’s FY23 Budget

On Monday, President Biden released the FY23 $5.8 trillion budget including $1.64 trillion in discretionary spending, which calls for increases for police, health research, climate change, education and ensuring fair elections.  The increase is roughly 9 percent over the $1.51 trillion recently enacted in the FY22 omnibus bill.  The budget includes $829.2 billion in nondefense funding and $813.3 billion in defense funding, a 14 percent increase for nondefense spending from the $730 billion over in the FY22 and a 4 percent increase for defense spending from $782 billion.  President Biden said his budget "sends a clear message that we value fiscal responsibility, safety and security at home and around the world, and the investments needed to continue our equitable growth and build a better America." The White House projected it would bring about a $1.3 trillion decline in the deficit this year, with tax changes worked in that it says would result in more than $1 trillion in deficit savings over the next decade, including a new minimum tax on the wealthiest households.