OFFICE OF
MANAGEMENT AND BUDGET
FOR IMMEDIATE RELEASE
May 28, 2021
FACT SHEET:
The President’s Budget for Fiscal Year 2022
“Where we choose to invest speaks to what we value as a Nation. This year’s Budget, the first of my Presidency, is a statement of values that define our Nation at its best.” – President Joe Biden
Under the President’s leadership, America is getting back on track. We are beginning to turn the tide on the pandemic. The economy is growing and creating jobs. And students are getting back into classrooms. But our work has only begun. For all of the hard-won progress our country has made in recent months, America cannot afford to simply return to the way things were before the pandemic and economic downturn, with the old economy’s structural weaknesses and inequities still in place. We must seize this moment to reimagine and rebuild a new American economy that invests in the promise and potential of every single American, that makes it easier for families to break into the middle class and stay in the middle class, and that positions the United States to out-compete our rivals.
Today, the President released a Budget that details his proposals to advance that agenda this year. It includes the two historic plans the President has already put forward—the American Jobs Plan and the American Families Plan—and reinvests in education, research, public health, and other foundations of our country’s strength. The Budget also calls on Congress to take action this year to lower prescription drug costs and expand and improve health coverage.
Alongside these necessary investments, the Budget proposes long-overdue changes to our tax code—reforming the corporate tax code to incentivize job creation and investment in the U.S., revitalizing tax enforcement to ensure that high-income Americans pay the tax they owe under the law, and eliminating loopholes that reward wealth over work. Taken together, the Budget policies would strengthen our economy and lay the foundation for shared prosperity, while also improving our Nation’s long-run fiscal health.
THE AMERICAN JOBS PLAN
The Budget begins with the American Jobs Plan—an investment in America that will create millions of good jobs, rebuild the Nation’s infrastructure, and position the United States to out-compete China. Public domestic investment as a share of the economy has fallen by more than 40 percent since the 1960s. The American Jobs Plan will invest in America in a way we have not invested since we built the interstate highways and won the Space Race. But unlike past major investments, the plan also prioritizes addressing
