Policy Backgrounders

The President's FY 2023 Budget

March 30, 2022

The President submitted this week his proposed budget for Fiscal Year (FY) 2023. Traditionally the President’s budget proposals are more important as indicators of policy priorities than they are of absolute dollar amounts. The major themes of the Budget are generally increased spending (for both domestic programs and defense), significant tax increases for corporations and high-earning individuals, and a path to reduction of projected Federal budget deficits from their current, highly dangerous, trajectory.