WASHINGTON – President Joe Biden released his fiscal year 2022 budget request to Congress on Friday, the first formal budget of his presidency and the departure of his predecessor, Donald Trump.
Biden’s budget includes two of his signed domestic proposals, the American Family Plan and the American Job Plan, none of which has been seriously debated by Congress.
It describes how Biden’s priorities differ It belongs to Trump. For example, it requested an increase of 1% for the Department of Education last year, plus 2%. For more Department of Health and Human Services, and 22% For more Environmental Protection Agency.
Funding for the Department of Homeland Security, which runs Trump’s aggressive immigration policies, will be cut by 10 percent. The next Trump priority, the Department of Defense, will see only a 2% increase in funding.
On a personal level, Biden sees his budget as a reflection of his values. He often quotes his own father as saying, “Don’t tell me what you think. Show me your budget and I’ll tell you what I value.”
The top-line budget request for 2022 is $ tr trillion. But its only 300 300 billion is the new spending requested for next year. Instead, each presidential budget will spend large sums of money on programs the government has set aside to fund law, Medicare, social security and national interest.
Everyone said, about 1. is requesting trillions of dollars for discretionary items in fiscal year 2022, including funds from all federal agencies. About half of them are marked for the Department of Defense.
On the pay side, Biden’s budget includes a variety of changes to the tax code that could allow the White House to fund his multi-trillion-dollar household spending plan. Of these, the main corporate tax rate has increased from 21% to 2%, as well as the implementation of the IRS and higher taxes on wealthy taxpayers.
The tax change also includes a set of “Made in America” tax changes that penalize U.S. companies for making offshore goods, especially goods sold back to U.S. consumers.
Like most presidential budgets, the White House relies on the optimistic projection of the unemployment rate and GDP growth that expensive spending plans will pay for their growth.
Unemployment, White House projects will fall to 7.7% by the end of the year, 1.1% in 2022 and 3.8% next year. After that, they will remain at 3..8% for the next seven years.
Biden’s budget also projected that inflation would not reach more than 2.3% in the next 10 years, reflecting the administration’s confidence that some economists’ concerns about runaway inflation have been allayed.
Speaking to reporters ahead of the plan’s release on Friday, Cecilia Rouse, chairwoman of Biden’s economic advisory committee, said it was time to borrow more to modernize and expand the federal government’s economy at a historically low interest rate. Social security net.
OLMB Acting Director Shalanda Ya Young said interest rates would rise slightly over time, but she believed they would remain relatively low due to the “global, stable phenomenon” of low interest rates.
The White House projects that over time Biden’s proposals will be costly enough to pay for productivity and consumer spending, and ultimately reduce losses in 15 years.
Biden’s budget has already come under scrutiny from some progressives, who noted that it did not include public health care options, which were the promises of one of Biden’s campaigns.
White House officials said Biden would look to Congress to help him make a public choice and pass a bill allowing doctors to negotiate with drug companies over the price of drugs.
Like all presidential budgets, Biden is a partial plan and a partial wish list, presented with the goal of making the president’s policy priorities as clear as informing congressional appointees.
In fact, depending on how Congress passes the law, Biden’s budget will change in a way that is large and small before it is finally approved by Congress. But with Democrats in control in both chambers this year, Biden has a better chance of seeing his top priorities reflected in the final result than most of his predecessors did.
In a statement issued shortly after the budget was released, the president said the document was “a budget of what our economy can be, who can serve our economy and how we need, target, facilitate and improve it.” In front of the American people and the power of the center. “
You can read the President The whole budget.