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Biden unveils first $1.5 trillion annual budget proposal for fiscal year 2022

by YCPress

April 9th local time, U.S. President Biden released the outline of the first annual budget proposal for fiscal year 2022, amounting to $1.5 trillion.

Of this $796 billion in non-defense budget is a significant increase of 16 percent from 2021, accounting for about 3.3% of the U.S. gross domestic product (GDP). That’s about the historical average of the U.S. over the last 30 years, officials said.

Biden plans to add $20 billion to education systems in low-income areas, $6.5 billion to focus on cancer medical research, $14 billion to combat climate change, $2.1 billion to the Department of Justice to address gun violence, $1 billion to the Department of Justice to promote Violence against Women Act, almost twice the relevant expenditure in 2021. Biden also plans to provide $861 billion to solve the immigration problem at the southern border of the United States.

Biden’s proposal increased budgets for various government departments, with education growing 40.8%, businesses growing 27.7%, health and public services growing 23.1%, and agriculture growing by 16%.

Defense spending will increase by $12.3 billion to $753 billion, an increase of about 1.7%, unlike the previous Trump administration’s prioritizing military spending.

U.S. President Biden’s budget proposal this time includes only discretionary spending, accounting for about a quarter of total federal spending. The full budget proposal, including non-discretionary spending such as Social Security, Medicare, and taxes, will be announced later this spring.