The President’s FY 2023 Budget also proposes additional smart, targeted investments designed to spur durable economic growth, create jobs, reduce cost pressures, and foster shared prosperity. Today, the President released a Budget that details his vision to expand on our economic and fiscal progress-investing in our economy and our people while cutting deficits, improving our country’s long-term fiscal outlook, and keeping the economic burden of debt low.Īs he made clear in his State of the Union address, the President is committed to working with Congress to enact legislation that lowers costs for American families, expands the productive capacity of the American economy, and further reduces the deficit: by reducing prescription drug costs and fixing the tax code to ensure corporations and wealthy people pay the taxes they already owe and close loopholes they exploit. The strongest economic growth in four decades, powered by the American Rescue Plan, has also contributed to a historic decline in the deficit-by fueling strong revenue growth and allowing the Administration to responsibly phase down emergency pandemic-related spending. This progress was a direct result of the President’s strategy to grow the economy from the bottom up and the middle out and his effective management of the American Rescue Plan-a strategy that was built on smart, fiscally prudent investments that helped jumpstart our economy.Īs our historic economic and labor market recovery continues, the President’s Budget projects that the deficit in 2022 will be more than $1.3 trillion lower than last year’s-the largest ever one-year decline in our country’s history. At the same time, the deficit fell last year-by around $300 billion. And the unemployment rate has fallen to 3.8 percent, the fastest decline in recorded history. Our economy grew at 5.7 percent, the strongest growth in nearly 40 years. We created more than 6.5 million jobs in 2021, the most our country has ever recorded in a single year. Under the President’s leadership, America is on the move again.

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