The Government of the President of the United States, Joe Biden presented this Monday a budget initiative for fiscal year 2023, which begins next October, of 5.79 billion dollars up from 5.85 trillion in 2022, with a new tax on the rich and more defense spending.
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In a statement, Biden said his administration “is on track to reduce the federal deficit by more than $1.3 trillion this year,” in what is “the largest annual deficit reduction in US history.” “.
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This is a direct result of my Administration’s strategy to get the pandemic under control and grow the economy from the bottom up and the middle out.
This will be possible, in part, by raising the corporate tax from 21% to 28%, something the moderate wing of the Democrats in Congress opposes.
The Executive also proposes a new minimum tax of 20% for the richest in the countryfortunes greater than 100 million dollars.
Coinciding with the Russian invasion of Ukraine, the Biden Executive has prepared a budget that includes 31,000 million dollars for new defense spending, which increases the national defense item to 813,000 million dollars.
Within this section, almost 7,000 million dollars are allocated for NATO and the reinforcement of its eastern flank, in the face of the war in Ukraine.
Likewise, the budget proposal contains 9,900 million dollars to strengthen the capacity of health systems in the country “to improve immunization programs” against covid-19 and 81.7 billion dollars over the next five years in health security against future pandemics.
The Executive’s proposal is expected to be sent to Congress on Tuesday, which must then approve it. Normally it is usually presented in May but this year it has been brought forward so that it does not coincide with the legislative elections in November.
In US public finances, discretionary spending is government spending implemented through an appropriations bill that must pass the Legislature.
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