President Biden’s Budget Expected This Week
This Thursday, March 9, President Biden is expected to release his FY 2024 budget. The budget that will be released is likely to be a summary document, with the longer explanatory documents expected next week. While the budget request represents the administration’s funding goals for the coming year, it also sheds light on many of its key policy goals. With tight margins in the House and Senate, stakeholders look to these goals as possible regulatory or executive steps the Administration could implement without the need for congressional action, or priorities the president may pursue with Congress. The president’s budget request is the first step in the federal budget process. Over the next few weeks, Administration officials will testify before several congressional committees to present and discuss the proposed budget. Relevant congressional committees are already discussing the FY 2024 budget and appropriations, as time is limited between now and the end of the current fiscal year (September 30, 2023). This year, the president’s budget announcement comes in the shadow of the debt ceiling, which will heighten the focus as the two sides promote their divergent positions on addressing the debt ceiling and federal government spending, including Medicare, Medicaid and Social Security spending.