To strengthen domestic supply chains and manufacturing, $372 million of the FY23 budget was designated to the National Institutes of Standards and Technology (NIST) to launch two new manufacturing programs and support two additional ones. The budget also lowered costs for those who are on TRICARE or Medicare, increased mental health providers for Medicare beneficiaries, and increased investments in youth mental health and suicide prevention programs.įunds were also given to the Advanced Research Projects Agency for Health (ARPA-H), the Center for Disease Control and Prevention (CDC), and the Food and Drug Administration (FDA) to reduce the cancer mortality rate by 50 percent over the next two decades and offer support to those who currently have cancer. To address mental health crises exacerbated by the pandemic, the FY23 budget required all private health insurances to cover mental health, substance abuse, and behavioral disorders. $18 billion of the FY23 budget went toward climate projects spearheaded by many federal agencies, including $3.35 billion for the Department of Homeland Security, $5.9 billion for the Department of Interior (DOI), $1 billion for Department of Housing and Urban Development (HUD), and more.įunds from the FY23 budget supported federal programs in clean energy infrastructure and innovation, provided resources to reduce greenhouse gas emissions, scaled up clean energy equipment, increased investments in zero-emission fleet vehicles, and bolstered frontline defenses against catastrophic wildfires, among many other environmental initiatives. Doing so could reduce the deficit by over $1 trillion over the next 10 years, according to the Biden Administration. does not default on their debts, Biden’s FY23 budget has deficit-reducing goals, such as making corporations and wealthy American pay their fair share of taxes as well as preventing multinational enterprises from utilizing tax havens. borrowing until 2025.Īlthough the deficit fell by $300 billion in 2022, the national debt hit a record-breaking high. During late May 2023, Congress passed a debt ceiling package that suspends U.S.
Democrat leadership, on the other hand, advocate for a “clean” raise of the debt limit, meaning without cuts.
However, many House Republicans reject tax increases and request spending cuts, instead of raising the debt ceiling. Just like with the FY23 budget, Biden’s FY24 budget aims to reduce the federal deficit by taxing corporations and high-income earners. Spending debates loom over the passage of Biden’s FY24 budget. But those caps steadily increased over time and have always increased together. Previously, caps were placed on defense and nondefense spending. Some Republicans proposed slowing or reversing nondefense spending in areas such as Social Security, Medicare, Medicaid, and other such programs. In early 2023, these concerns came to a head, with the federal government coming up against the $31.4 trillion debt ceiling.ĭue to the rising federal debt, Congress heatedly debated the discretionary side of the FY23 ledger.
There continue to be long-term concerns about the stability of these federal programs. Mandatory spending on entitlement programs, such as Social Security and Medicare, was a topic of debate leading up to the passage of the FY23 omnibus. The FY23 budget included $927.5 billion for mandatory entitlements, $772.5 billion for nondefense discretionary programs, and $858 billion for defense programs, with $44.9 billion allocated for Ukraine. President Biden’s FY23 budget aimed to expand economic progress by investing in bipartisan priorities – such as infrastructure, education, nutrition, and affordable housing – while also seeking to reduce the federal deficit by more than $1 trillion over the next decade. If the omnibus had not passed by then, a government shutdown would have occurred. 23, 2022, which is the same day that the continuing resolution (CR) was set to expire. Congress passed the $1.7 trillion federal budget for FY23 on Dec.
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