President Biden Unveils FY 2023 Budget Request

The White House on March 28, 2022, released President Joe Biden's $5.8 trillion proposed budget for federal spending in fiscal year (FY) 2023. The president's budget proposal serves as a fiscal blueprint for the administration's policy priorities and signals to Congress on 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 $5.8 trillion in spending in FY 2023, or 4.5 percent of gross domestic product (GDP). The proposal would raise taxes on billionaires and corporations, and increase spending on both military and domestic priorities; it includes $1.6 trillion in discretionary funds - $813 billion for defense and $769 billion for non-defense. Notably, the budget omits the