U.S. President Joe Biden on Friday presented the full budget for fiscal year 2022 that seeks to spend US$6.013 trillion, up from US$4.174 trillion in fiscal 2021.
The budget includes Biden’s previously announced American Families Plan and American Jobs Plan.
Here are the top highlights from the fiscal 2022 budget:
- The proposed budget sees a deficit of US$1.837 trillion in fiscal 2022, down from US$3.669 trillion in fiscal 2021. The deficit represents 7.8 percent of GDP in 2022.
- Biden proposes to raise discretionary funding by 8.6 percent to S$1.522 trillion. Defense allocation, which accounts half of the discretionary funding, would see a 1.6 percent increase, while non-defense allocations will grow 16.5 percent.
- The budget seeks to increase the funding for the Department of Education and the Department of Health and Human Services by 40.8 percent and 23.4 percent, respectively.
- Healthcare proposals include US$8.7 billion for the CDC, US$6.5 billion to set up Advanced Research Projects Agency for Health.
- Under the US$1.8 trillion American Family Plan, the President proposes to provide minimum four years of free public education, expand the Child Tax Credit through 2025.
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American Jobs Plan proposes to spend US$17.10 billion to fix highways, rebuild bridges and upgrade airports.
- Made in America plan to restructure tax code to ensure wealthy corporation pay a fair share and invest at home. The plan includes a 28 percent corporate tax rate and a global minimum tax.
- The budget seeks more than US$36 billion in resilience and clean energy investment, US$600 million for electric vehicles and charging infrastructure, with the target of achieving net-zero emissions before 2050.
- The proposal also seeks to increase the funding for the Environmental Protection Agency by 21.6 percent.
- The budget sets aside US$500 million for the Technology Modernization Fund to support Federal cybersecurity and an additional US$110 million for the Cybersecurity and Infrastructure Security Agency.