Budget 2023

President Biden on Thursday unveiled a sweeping budget plan for the coming fiscal year. The request details a set of ambitious proposals from the White House, ranging from plans to extend the lifetime of programs like Medicare, tax proposals targeting the wealthy to help reduce the deficit by trillions of dollars over the next decade, and funding for a slew of Democratic priorities. Budget requests typically do not become law, and Biden’s will be no exception, with the House controlled by Republicans and Democrats holding a narrow majority in the Senate. But the request will serve as an important point in the debates this year on raising the debt ceiling and funding the government. Here’s what Biden has proposed. Defense-nondefense The newly revealed budget calls for increasing the Department of Defense’s budget by 3.2 percent from the previous year. (AP Photo/Patrick Semansky, File) The budget request calls for raising the discretionary budget authority for the Department of Defense to $842 billion for fiscal 2024, up 3.2 percent from the previous year. A chart breaking down the discretionary funding requests by agency outlined a top-line request of more than $886 billion in base discretionary funding for defense programs for fiscal 2024, or a 3.3 percent boost from policies enacted in 2023. Democrats are already expecting Republicans to press for a higher amount, as Senate Minority Leader Mitch McConnell (R-Ky.) has pushed for “substantial defense increases” on the defen...

• Wildfire smoke blankets upper Midwest, forecast to head east • Trump golf course criminal investigation closed, Westchester D.A. says • Supreme Court rejects challenges to Indian Child Welfare Act, leaving law intact • U.S. man arrested over fatal attack on tourists near castle in Germany • Texas sends bus carrying more than 40 migrants to Los Angeles • Taking drugs like Adderall without ADHD decreases productivity, study finds • Man charged in mother's 2016 killing at sea dies awaiting trial • Amazon jungle crash survivors recovering as soldiers search for rescue dog • Live Nation's hidden ticket fees will no longer be hidden, company says • • Shows • Live • Local • More • • Latest • Video • Photos • Podcasts • In Depth • Local • Global Thought Leaders • Innovators & Disruptors • • Log In • Newsletters • Mobile • RSS • CBS Store • Paramount+ • Join Our Talent Community • Davos 2023 • Search • Search • The Biden administration on Monday unveiled the president's budget proposal for 2023, totaling more than $5.7 trillion in spending and including a new tax on billionaires as the president looks to lower the deficit moving forward. In it, President Biden lays out his priorities for the coming year, which could be pivotal heading into the midterm election. This is the first step in the lengthy budget process and comes just weeks after Congress passed the omnibus spending bill for the rest of 2022. "My dad had an expression, he said 'don't tell me what you value. Show me your...

Union Budget 2023 Highlights: Vision for Amrit Kaal: Opportunities for citizens and youth, job creation, Strong and stale economic environment Saptarishi-7 priorities: Inclusive development, reaching the last mile, Infra and investment, Youth power, unleashing the potential, financial sector and green growth Making India global hub for millets: Support to be given to IIMR Hyderabad for promoting research Agriculture Accelerator Fund: For encouraging startups in rural areas 157 new Nursing colleges to be established Anaemia elimination mission to be launched Revamped Teachers' training via DIET National Digital Library to be set up for children and adolescents Pradhan Mantri-PVTG Development Mission to be launched More teachers to be recruited for Eklavya Model residential schools Increased capital investment outlay by 33.4% to Rs 10 lakh crore Capital outlay of Rs 2.4 lakh crore for Railways Creating urban infrastructure in Tie 2 and Tier 3 cities via establishment of UIDF 3 specialised AI centres to be set up in colleges National Data Governance Policy for to enable access to data by startups and academia E Courts to be launched R&D grant for Lab grown diamond sector PM Pranam to be launched to incentivize the States/UTs to promote usage of alternative fertilizers 50 destinations to be selected and developed for domestic and foreign tourists Mahila Sammman Bachat Patra: One time new small savings scheme for a two-year period with a deposit facility of up to Rs 2 lakh ...

In the wake of the 2022 midterm elections, many observers believe the most likely outcome for fiscal policy over the next two years will be gridlock. This comes after the Democrats enacted major spending programs in the past two years to: (1) provide ongoing relief for the COVID-19 pandemic, (2) fund the biggest Looking ahead, President Biden and congressional Democrats are fully cognizant that their ambitious agenda will have to be pared back considerably because Republicans will take control of the House of Representatives. With Republican gains much smaller than expected, Rep. Kevin McCarthy’s (R-Calif.) status as speaker of the House is still to be determined. But the influence of MAGA Republicans such as Rep. Jim Jordan (R-Ohio) and Rep. Marjorie Taylor Greene (R-Ga.) will increase as they will play prominent roles in House committees. For their part, the Democrats picked up a one-seat majority in the Senate when Raphael Warnock won the runoff election in Georgia. But this was partially offset by Senator Meanwhile, the close election results have spurred both sides to reach agreement on finalizing the federal budget for fiscal 2023. Senate Appropriations Chair Patrick Leahy (D-Vt.) recently announced that Previously, there had been talk that Republicans would try to block passage of the budget. But after failing to take the Senate and regaining the House by only a very narrow margin, Republicans entered the lame duck session with a much weaker hand than they expected....

By POLITICO Staff 03/28/2022 04:52 PM EDT • • • • Link Copied • • • • President Joe Biden’s budget request reflects an administration grappling with multiple obstacles: It can’t yet move past the pandemic, didn’t get to enact its huge social spending package and has added Russia’s invasion of Ukraine to its national security plate. The multitrillion-dollar proposal released Monday also seeks to build on the achievements of Biden’s first year, including the passage of the new infrastructure law, while chipping away at long-term priorities such as climate change and competition with China. Here’s a high-level look at what Biden’s proposal includes, and why that matters — especially as the midterm elections approach: A more modest defense boost than many in Congress want What Biden requested: The White House asked Congress for $813 billion for national defense on Monday — including $773 billion for the Pentagon, or $30 billion more than approved by Congress for this year. The administration is focusing on China as the “pacing challenge” for the Pentagon, its budget documents released in the morning say. The impact of Russia’s invasion on Ukraine last month, however, will loom large over how the new request is received in Congress. Despite the high top-line request, considering inflation, it is only a 1.5 percent real increase from the fiscal 2022 budget — a fact that will draw the ire of many in Congress who have pushed for a 5 to 7 percent increase, citing Russian aggression...