US Federal Spending 2023 Overview

The president’s budget proposal totals more than $5.7e12 in spending and includes a new tax on billionaires. The appropriations package covers various areas such as defense, health, environment, small business, election security, and consumer protection. The budget also requests $6.04e10 for the State Department and USAID, with a focus on supporting Ukraine and other allies, affirming US leadership, and competing with China and Russia. Some highlights include:

• The president’s budget proposal totals more than $5.7e12 in spending and includes a new tax on billionaires that would raise $3.2e11 over 10 years by imposing a 15% minimum tax on income above $1e9 and a 3% surtax on wealth above $1e9.
• The budget also requests $6.04e10 for the State Department and USAID, with a focus on supporting Ukraine and other allies, affirming US leadership, and competing with China and Russia.
• The budget includes $4.5e10 in funding for Ukraine amid its war with Russia, which is part of the $7.73e11 in non-defense spending.
• The budget allocates $8.58e11 for defense spending, which includes $1.126e11 for research, development, testing, and evaluation of new weapons and technologies.
• The budget provides $6.5e9 for the Advanced Research Projects Agency for Health (ARPA-H), a new agency that would accelerate the development and deployment of breakthrough health technologies.
• The budget supports the Community Development Financial Institutions (CDFI) Fund with $3.3e8, an increase of $6e7 from the 2022 enacted level, to expand access to capital and financial services for underserved communities.
• The budget increases the Internal Revenue Service (IRS) budget by $8e10 over 10 years to improve tax compliance and enforcement, especially for high-income individuals and corporations.
• The budget proposes $1.5e10 in earmarks, also known as congressionally directed spending, which are funds allocated by lawmakers for specific projects or purposes in their districts or states.