🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Biden set to release first detailed budget of his presidency on May 27

Published 05/13/2021, 02:34 PM
Updated 05/13/2021, 02:36 PM
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on tackling climate change prior to signing executive actions in the State Dining Room at the White House in Washington, U.S., January 27, 2021. REUTERS/Kevin Lamarque/File Photo

By Trevor Hunnicutt

(Reuters) - U.S. President Joe Biden will unveil the first detailed budget proposal of his term in office on May 27, a spokesman said, offering a window into his priorities from defense spending to deficit reduction.

Biden in April outlined a glimpse at plans for about $1.5 trillion in "discretionary" spending, which represents only part of the budget.

The full budget, which covers the fiscal year starting in October, will be the first exhaustive list of the programs Biden wants to expand or cut - from foreign aid to immigration and policing. Rob Friedlander, a spokesman for the Office of Management and Budget, confirmed the late-May release date.

As the economy stumbles to recover from the coronavirus pandemic, the budget will offer a sense of how much the government wants to rein in deficit spending, as well as how it sees taxes and economic growth helping its agenda.

But it's merely one step in a spending process as Biden works to muscle through Congress some $4 trillion in spending on proposals ranging from infrastructure to childcare. Lawmakers must sign off on any spending Biden requests.

© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks on tackling climate change prior to signing executive actions in the State Dining Room at the White House in Washington, U.S., January 27, 2021. REUTERS/Kevin Lamarque/File Photo

The outline Biden released in April marked a sharp departure from his Republican predecessor Donald Trump, spreading billions across areas ranging from public transit, poor schools, toxic site clean-ups, and background checks on gun sales, but nothing on border walls.

But Biden's plans for the Department of Defense drew the most attention. Liberals were disappointed that the roughly-even funding on an inflation-adjusted basis at $715 billion would fail to cut wasteful Pentagon spending. Conservatives want more spending to counter threats from China, Russia, Iran and North Korea.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.