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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

This headline doesn’t seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Index was trading at a fresh all-time high at 4,104, rising 0.15% on a daily basis.