White House submits request for $1.52 trilion FY 2022 budget, up 8.4% from 2021

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US President Joe Biden’s administration submitted the preliminary fiscal-year (FY) 2022 discretionary budget request to Congress for $1.52 trillion, up 8.4% from FY 2021 enacted level, Reuters reported on Friday.

Key takeaways

“Biden’s budget request seeks $769 billion in non-defense discretionary spending in FY22; up 16% from enacted FY21 level; plus $753 billion for defense, up 1.7%.”

“Biden’s budget proposal would restore non-defense discretionary funding to 3.3% of GDP, up from 3% in FY21.”

White House expects to submit the full budget to Congress in late spring.”

“Biden’s preliminary budget proposal does not include $2 trillion infrastructure proposal or tax changes.”

Market reaction

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