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Free AccessMNI: Biden Floats $6T '22 Budget; Relies on Low Interest Rates
President Joe Biden on Friday released his first full budget aimed at spending USD6 trillion in fiscal year 2022 before rising to USD8.2 trillion in 2031, relying on low interest rates from the Federal Reserve.
The president's plans to invest in infrastructure, education, health care and more would push federal spending to its highest sustained levels since World War II. The spending growth would be driven by Biden's two-part agenda to upgrade the nation's infrastructure and substantially expand the social safety net, contained in his American Jobs Plan and American Families Plan, along with other planned increases in non-defense discretionary spending.
White House officials on a call with reporters emphasized now is a great time to make large investments in the economy given the Fed has set interest rates at effectively zero, and administration officials see negative real net interest payments through 2027.
Forecasts underlying the budget proposal are from February and have not been updated, because that would have delayed the proposal, but aides predict that if his full agenda were enacted, the economy would grow at just under 2% per year for most of the decade after accounting for inflation, and unemployment would fall to 4.1% by next year.
The budget is simply a request to Congress, which must approve federal spending. Republicans have already come out against many of the priorities in the proposal and have attacked the topline numbers.
In billions of dollars and as a percent of GDP:
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | |
| Receipts | 3,421 | 3,581 | 4,174 | 4,641 | 4,828 | 5,038 | 5,332 | 5,632 | 5,888 | 6,119 | 6,370 | 6,643 |
| Outlays | 6,550 | 7,249 | 6,011 | 6,013 | 6,187 | 6,508 | 6,756 | 6,935 | 7,312 | 7,425 | 7,847 | 8,211 |
| Deficit | 3,129 | 3,669 | 1,837 | 1,372 | 1,359 | 1,470 | 1,414 | 1,303 | 1,424 | 1,307 | 1,477 | 1,568 |
| Deficit as % of GDP | 14.9% | 16.7% | 7.8% | 5.6% | 5.3% | 5.5% | 5.1% | 4.6% | 4.8% | 4.2% | 4.6% | 4.7% |
| Real Net Interest Payments | 134 | -53 | -139 | -189 | -186 | -136 | -86 | -36 | 9 | 50 | 108 | 164 |
| Real Net Interest Payments as % of GDP | 0.6% | -0.2% | -0.6% | -0.8% | -0.7% | -0.5% | -0.3% | -0.1% | 0.05 | 0.2% | 0.3% | 0.5% |
| Debt held by public | 21,017 | 24,167 | 26,265 | 27,683 | 29,062 | 30,539 | 31,958 | 33,266 | 34,691 | 35,996 | 37,481 | 39,059 |
Source: White House, Office of Management and Budget
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Why MNI
MNI is the leading provider
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