President Biden Unveils FY 2022 Budget Request

The White House on May 28, 2021, released President Joe Biden's $6 trillion proposed budget for federal spending in fiscal year (FY) 2022. The president's budget proposal serves as a fiscal blueprint for the administration's policy priorities and signals to Congress what the White House hopes to accomplish over the coming years. It also provides a detailed look at how the president's spending and revenue proposals would affect federal deficits and debt. It includes the administration's assumptions about how those policies would affect economic growth, inflation and interest rates.

The budget calls for $6 trillion in spending in FY 2022. Under the budget plan, the national debt would exceed the record level seen at the end of World War II within a few years and reach 117 percent of economic output by the end of 2031, up from about 100 percent this year.