November 28, 2022

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Biden budget forecasts 10-year deficit of $14.531 trillion

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Highlights of the White House budget plan

Highlights of the White House budget plan

Note that all these plans need to get through Congress, which means that they’ll be fundamentally different.

  • FY 2021 deficit forecast at $3.669T
  • 2022 at -$1.837T
  • 2023 at -$1.372T
  • Calls for 16.5% increase in revenue over 2021 (those are taxes)
  • Sees public debt at 117% of GDP by 2031
  • Sees 5.2% GDP growth this year, 4.3% in 2022, 2.2% in 2023
  • Sees CPI at 2.1% in 2021, 2.1% in 2022 and 2.2% in 2023
  • Sees US jobless rate averaging 5.5% in 2021 vs 4.1% in 2022 and 3.8% in 2023

Those GDP forecasts are for the fiscal year so they look different than private economists’ numbers. In any case, those look to be conservative to me.

All the pertinent details from this budget leaked in the past couple days.

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