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CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.
On Thursday, March 9, the President submitted a proposed Budget for Fiscal Year (FY) 2024. Presidents’ budgets often differ substantially from what will pass Congress, and this is especially true if the President’s party does not fully control Congress. However, these budgets are important indicators of policy priorities and the direction in which a President hopes to lead and campaign. The Budget includes increased spending for domestic programs, continues elevated defense spending levels associated with FY 2023 and the Ukraine war, and proposes significant tax increases for corporations and high-earning individuals. On net, the budget seeks to reduce cumulative deficits by about $3.0 trillion over the decade to 2033, from $21.6 trillion under current law to $18.6 trillion under its proposals.
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