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President Joe Biden unveiled his US$6 trillion FY 2022 budget on Friday, May 28.
It has been prepared in keeping in mind two broad areas of action: the American Job Plan and the American Families Plan. The plans detail the priority areas of activity to rebuild the economy and improve the existing social protection system in the next five years and beyond.
It also has provisions for discretionary investments.
The following are the key sectoral allocations:
Education – A total of US$102.8 billion has been allocated for education, an increase of 40% from last year’s US$73 billion. It is the highest allocation to a single sector under this budget.
The government plans to fund the under-resourced schools to ensure high-quality education. Of the total amount, US$7.4 billion will be for affordable early childhood care and learning. It will also address the needs of children with disabilities.
Defense – The budget allocates US$752.9 billion for defense. It is 1.6% more than the last year’s budget. Non-defense allocation amounts to US$769.6 billion.
Health – Health and human services get US$133.7 billion. A total of US$8.7 billion is proposed under the discretionary funding for CDC.
The budget aims to make healthcare more accessible and improve health facilities. It also includes an investment of US$10.7 billion to end the opioid epidemic.
Housing and Urban Development – A total of US$68.7 billion has been allocated, an increase of 15.2 percent from the last year’s budget. It aims to cut wealth gap based on race and provide housing to 200,000 people, including homeless or facing domestic violence.
Justice – A total of US$35.3 billion has been allocated for this segment, 5.3% more than last year. It includes US$2.1 billion to address the issue of gun violence public. The aim is to reform the criminal justice system, policing, and inequities, like redressing housing.
Agriculture – It gets US$27.9 billion. It aims to create opportunities for rural Americans. About US$300 million to be spent on voluntary private land conservation, renewable energy grants and loans, and creating Civilian Climate Corps.
Energy – It gets more than US$36 billion. Of which, US$ 14 billion will be for combating climate change. The objective is to invest in clean energy and make America a net-zero emission nation before 2050. A total of US$6.5 billion has been set aside to support additional clean energy, storage, and transmission projects in the rural areas.
The budget deficit is expected to be 7.3% of GDP compared with 16.7% in 2021.
Source: Pixabay.
