Update December 7, 2021
“How does it work?
In May, the White House and OMB released the long-awaited President’s Budget for FY 2022 requesting $6 trillion in total mandatory and discretionary spending. The discretionary funding component, totaling $1.5 trillion, represents an 8% increase over regular FY 2021 spending levels. This collection of documents contains the budget message of the President and represents the Administration’s priorities and analytical perspectives on specified subject areas. In a “typical” year, the President would give Congress the Administration’s budget proposal for the next fiscal year by the first Monday in February. However, with the transition of power after a Presidential election and the ongoing COVID-19 emergency, this year’s budget was significantly delayed.
So what’s going on now? Since budget authority rests with Congress rather than the President, Congress has drafted budget resolutions to create a framework and set overall spending levels. A conference committee of House and Senate members negotiated a final version that each chamber authorized. Next, the appropriations committees divided the discretionary portion of the budget resolution among 12 subcommittees (each who oversee a different group of agencies) and then drafted appropriation bills for funding agencies. The House and Senate are still required to each vote on their bills, then a conference committee will merge the two bills together, and both chambers will vote on the same version of each bill. Finally, if it’s approved, it will go to the President…”
“What’s being hashed out?
Congress is still grappling with hammering out the new spending proposed under the budget request, reflecting major proposals outlined under the $2.3 trillion American Jobs Plan and the $1.8 trillion American Families Plan. Some of these key initiatives include an overhaul of U.S. infrastructure, investing in education, and improving the social safety net. Additionally, specific focus areas include improving public health infrastructure, improving economic equity, and addressing climate change. As a result, multiple Federal agencies are seeing discretionary budget requests that are double digit percentage increases over FY 2021 spending levels. For example, this includes significant bumps for the Environmental Protection Agency, Department of Education, Department of Commerce, and Health and Human Services…” Read the full article here.
Source: What’s Going On With the FY 2022 Federal Budget? – December 6, 2021. Red Team Consulting.
Posted August 13, 2021
“On May 28th, the White House and OMB released the long-awaited President’s Budget for FY 2022 requesting $6 trillion in total mandatory and discretionary spending. The discretionary funding component, totaling $1.5 trillion, represents an 8% increase over regular FY 2021 spending levels. This collection of documents contains the budget message of the President and represents the Administration’s priorities and analytical perspectives on specified subject areas. In a ‘typical’ year, the President would give Congress the Administration’s budget proposal for the next fiscal year by the first Monday in February. However, with the transition of power after a Presidential election and the ongoing COVID-19 emergency, this year’s budget was significantly delayed…”
“Congress is grappling with hammering out the new spending proposed under the budget request, reflecting major proposals outlined under the $2.3 trillion American Jobs Plan and the $1.8 trillion American Families Plan. Some of these key initiatives include an overhaul of U.S. infrastructure, investing in education, and improving the social safety net. Additionally, specific focus areas include improving public health infrastructure, improving economic equity, and addressing climate change. As a result, multiple Federal agencies are seeing discretionary budget requests that are double digit percentage increases over FY 2021 spending levels. For example, this includes significant bumps for the Environmental Protection Agency, Department of Education, Department of Commerce, and Health and Human Services…”
“With recent history as a guide, we anticipate the wrangling between the House and the Senate will continue through the end of FY 2021 (September 30th). Both chambers have been focused on the $1.2 trillion bipartisan Infrastructure Investment and Jobs Act, which passed the Senate on Tuesday. On Wednesday, Senate Democrats also approved an outline of a $3.5 trillion budget framework, focused on priorities defined in the Administration’s American Families Plan. A legislative process known as “budget reconciliation” will be used to advance the bill, meaning only a simple majority is necessary to pass it and get it signed into law (targeted by end of the year). The House will take up both measures for passage after their August recess…” Read the full article here.
Source: What’s Going On With the FY 2022 Federal Budget? – August 12, 2021. Red Team Consulting.
