President Biden’s FY22 Budget Proposal Sets Our Nation Up for a Strong, Prosperous Future
This time last year, our economy was in a deep hole — and the previous Administration’s mishandling of the coronavirus crisis made it far worse. But with House Democrats’ swift and decisive action with the American Rescue Plan, Americans are safely returning to work, and our economy is getting back on track.
“It was the plan our nation needed, and it was a plan the House Budget Committee was proud to deliver,” said Chairman John Yarmuth.
But our work isn’t done yet. Building on the strong foundation of the American Rescue Plan, President Biden’s fiscal year 2022 budget proposal lays out a visionary plan that will help us build a better and more secure future for America’s families and workers.
Recently, House Budget Democrats held hearings to take a closer look at the transformational investments in the President’s budget proposal. Here’s what we discovered.
The President’s Budget Proposal Paves the Way for Transformational Investments
First, we took a deeper look at President Biden’s overall budget proposal. The Honorable Shalanda Young, Acting Director of the Office of Management and Budget, testified about how President Biden’s budget proposal will improve our nation’s long-term finances while making the pro-growth investments we need right now.
“The President’s Budget before you build on this economic momentum to reimagine a new American economy,” said Acting Director Young, “[A budget] that invests in the middle class and those trying to break into the middle class.”
From rebuilding our crumbling infrastructure to long-overdue investments in our care economy, the President’s FY22 budget proposal puts the needs of the American people front and center.
“For too long, self-inflicted austerity has been mistaken for fiscal responsibility, to the detriment of American families and our nation’s economy. The Biden budget ends this era of chronic underfunding and disinvestment in America’s potential,” said Chairman Yarmuth.
Historic Investments that Will Help to Close America’s Housing Gap
Even before the coronavirus pandemic, millions of struggling Americans lived in dilapidated, outdated, and unsafe homes — and nearly 600,000 Americans experience homelessness on any given night in our country.
The Honorable Marcia Fudge, Secretary of the U.S. Department of Housing and Urban Development (HUD), testified about how the President’s budget proposal for HUD recognizes the urgent need for safe, affordable housing.
After decades of self-inflicted austerity that left our nation’s housing infrastructure in shambles, President Biden’s budget proposes to increase HUD’s budget by $9 billion. That includes $3.5 billion for Homeless Assistance Grants, which will support an additional 100,000 families.
The budget proposal also makes critical housing infrastructure updates through the American Jobs Plan. That includes:
· +$45 billion to the Housing Trust Fund to increase the supply of safe, sanitary, and affordable housing
· +$40 billion in public housing capital funding to modernize public housing
· +$5 billion in incentive grants for local zoning reforms that reduce barriers to affordable housing
· +$34 billion in HOME Investment Partnership grants to acquire, construct, and repair affordable housing.
“I have a lot of hope that, finally, we’ll be able to address many of the structural issues as it relates to housing,” said Rep Barbara Lee.
The budget proposal also recognizes the existential threat of climate change to our communities. It proposes $800 million in targeted climate resilience and energy efficiency improvements in public, tribal, and other assisted housing.
A Whole-of-Government Approach to National Security
Finally, the Committee held a hearing to analyze the FY22 budget proposal for the Department of Defense (DoD). The Hon. Michael J. McCord, Under Secretary of Defense Comptroller/Chief Financial Officer, and Vice Admiral Ronald A. Boxall, Director of Force Structure, Resources and Assessment (J8), The Joint Staff, testified about how President Biden’s proposal matches resources to strategy.
While we all agree that we need a military that is second to none, the President’s budget priorities reflect his understanding that we cannot rely on just military might. As Rep Lloyd Doggett said, we must do everything we can to avoid global conflicts and only call on our servicemembers when absolutely necessary.
Unlike the haphazard national security strategy of the previous Administration, President Biden’s budget proposal takes a whole-of-government approach. That includes key investments in:
· Strong diplomacy
· Effective homeland security activities
· Aggressive mitigation of the destabilizing effects of climate change
· Readied pandemic defenses
· Robust veterans’ programs
· An economy poised to compete and win, which underpins our national strength
Further, the President’s budget also addresses potential conflicts with our adversaries head-on.
“Clearly, [this Administration] is prioritizing the fight against China. Clearly, they’re prioritizing the fight against Russia. But they’re trying to balance that with the other threats throughout the globe,” said Rep. Seth Moulton.
It’s Time to Take the Next Step in Our COVID-19 Economic Recovery
Working together, President Biden and House Democrats are advancing policies to get our economy on the right track and create a stronger, more equitable future for our nation and American families. House Budget Democrats will continue to work with the Administration to ensure we make investments that will transform our country and meet the challenges ahead.