The administration recently submitted its FY23 budget proposal to Congress, outlining three core values: “fiscal responsibility, safety and security at home and abroad, and a commitment to building a better America.” The $5.8 trillion proposal budget details for the President’s “Unity Agenda” announced at the State of the Union in February, which aims to tackle the opioid crisis, bolster the mental health system, and fund research for his Cancer Moonshot program. However, the administration declined to outline the costs of elements from the president’s signature Build Back Better (BBB) bill as negotiations may continue. Instead, the proposal includes a placeholder for further action in the form of a “deficit-neutral reserve fund” to pay for key components of what was in the BBB, without providing specifics on the costs of such proposals – such as restarting the Child Tax Credit, Universal Pre-K, or fighting climate change.
Biden’s FY2023 Budget Proposal
