President Biden to Unveil Next Fiscal Year Budget Proposal on the 27th

President Joe Biden of the United States
Photo by Reuters Yonhap News

[Asia Economy Reporter Byunghee Park] Major foreign media reported on the 13th (local time) that U.S. President Joe Biden is scheduled to unveil his first fiscal year budget expenditure plan as president on the 27th (local time).

Rob Friedlander, spokesperson for the White House Office of Management and Budget (OMB), said that the overall budget expenditure plan for the next fiscal year starting in October will be released on the 27th. This will be the first fiscal year budget proposal unveiled since the Biden administration took office.

Earlier in April, the Biden administration disclosed a discretionary budget expenditure plan worth $1.5 trillion through the OMB. Discretionary budgets are not legally mandated expenditures but budgets adjustable according to government needs, representing only a portion of the total budget.

The full budget proposal will be specifically revealed on the 27th. Therefore, it is expected that the priorities of the Biden administration’s policies can be identified. Changes in defense spending, future tax revenue and economic growth forecasts, and plans to reduce the fiscal deficit are also expected to be confirmed.

With the release of the next fiscal year budget proposal, there is a high possibility that the Democratic and Republican parties will fiercely clash again. This is because President Biden is also pushing for a $4 trillion physical and human infrastructure investment bill, while the Republican Party is demanding significant cuts.

At the time of the discretionary budget release last month, the defense budget increase rate was only 1.6%. Compared to the 3-5% during the Donald Trump administration, this is significantly lower, and considering inflation, it was analyzed that the real defense budget actually decreased. At that time, the progressive camp expressed dissatisfaction claiming the defense budget had not been reduced, while the conservative camp complained that the budget should be increased further to respond to threats from China, Russia, Iran, and North Korea.

During the discretionary budget release, social welfare budgets such as education and health care were significantly increased.

This content was produced with the assistance of AI translation services.