March 09, 2023

Biden Budget Top Ten

President Biden’s FY 2024 Budget contains the highest sustained levels of taxes, spending, and deficits in American history:

  • Spending: $82 trillion* or 25 percent of GDP (18% above 50-year average)
  • Taxes: $65 trillion* or 20 percent of GDP (13% above 50-year average)
  • Deficits: $17 trillion* or 5 percent of GDP (44% above 50-year average

*over 10 years

  1. Saddles more than a million small businesses with higher tax rates, higher payroll taxes, and ends the small business deduction – at the same time small business owners surveyed by the NFIB already expect worsening business conditions.
  2. Requests $2 billion for the Bureau of Alcohol, Tobacco, Firearms, and Explosives to “increase regulation of the firearms industry" amongst other directives.
  3. Cuts $600 million from the Department of Homeland Security, while there is a raging crisis at the nation's southern border.
  4. Proposes $512 million at the Department of Health and Human Services, for the Title X Family Planning program which gives money to entities that provide abortion services like Planned Parenthood.
  5. Requests $3 billion at the State Department for “marginalized communities, including [LGBTQI]… to advance gender equity and equality across a broad range of sectors”.
  6. Requests nearly $5 billion at the Environmental Protection Agency to “address the climate crisis by: reducing greenhouse gas (GHG) emissions; building resilience in the face of climate impacts.”
  7. Requests over $3 billion for the Department of State/USAID’s President’s Emergency Plan for Adaptation and Resilience to “more than quadruple international climate finance.”
  8. Calls for $100 million at the Department of Education in grant funding for communities “to promote racial and socioeconomic diversity in their schools.”
  9. Includes $15 million for USDA to create the Rural Clean Energy Initiative… "to achieve the President’s clean energy goals."
  10. Calls for $20 million for the Department of Labor to partner with AmeriCorps and other agencies to create a Civilian Climate Corps to “address the climate crisis by creating service opportunities.”

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