A McAleese & Associates report says President Joe Biden’s $5.8 trillion budget request for fiscal year 2023 suggests that the federal government now accounts for 23 percent of the U.S. gross domestic product valued at approximately $25.6 trillion.
Jim McAleese, founder of McAleese & Associates and a three-time Wash100 winner, said the proposed $1.6 trillion discretionary budget for FY 2023, favors domestic funding growth over increase in defense funding by a ratio of 2:1.
According to McAleese, the executive branch characterizes the 7 percent increase to the discretionary budget as driven by fiscal responsibility, safety and security and the need to “build a better America” through health care and child care, universal preschool, affordable housing and clean energy, among other measures.
“I’m calling for one of the largest investments in our national security in history, with the funds needed to ensure that our military remains the best-prepared, best-trained, best-equipped military in the world,” Biden said in a statement published Monday.
McAleese said the president cited the increased competition the U.S. faces from Russia and China and the need to invest in space, cyber and hypersonics.
Biden said the administration is on track to cut the federal deficit by more than $1.3 trillion in 2022 and the proposed FY 2023 budget will continue that development “by continuing to support the economic growth that has increased revenues and ensuring that billionaires and large corporations pay their fair share.”
According to the report, the budget proposal includes $773 billion for the Department of Defense, $135 billion for the Department of Veterans Affairs, $138 billion for the Department of Health and Human Services, $68 billion for the State Department and $57 billion for the Department of Homeland Security.