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Biden set to release first detailed budget of his presidency on May 27

Credit: REUTERS/Kevin Lamarque

U.S. President Joe Biden will unveil the first detailed budget proposal of his term in office on May 27, a spokesman said, offering a window into his priorities from defense spending to deficit reduction.

By Trevor Hunnicutt

May 13 (Reuters) - U.S. President Joe Biden will unveil the first detailed budget proposal of his term in office on May 27, a spokesman said, offering a window into his priorities from defense spending to deficit reduction.

Biden in April outlined a glimpse at plans for about $1.5 trillion in "discretionary" spending, which represents only part of the budget.

The full budget, which covers the fiscal year starting in October, will be the first exhaustive list of the programs Biden wants to expand or cut - from foreign aid to immigration and policing. Rob Friedlander, a spokesman for the Office of Management and Budget, confirmed the late-May release date.

As the economy stumbles to recover from the coronavirus pandemic, the budget will offer a sense of how much the government wants to rein in deficit spending, as well as how it sees taxes and economic growth helping its agenda.

But it's merely one step in a spending process as Biden works to muscle through Congress some $4 trillion in spending on proposals ranging from infrastructure to childcare. Lawmakers must sign off on any spending Biden requests.

The outline Biden released in April marked a sharp departure from his Republican predecessor Donald Trump, spreading billions across areas ranging from public transit, poor schools, toxic site clean-ups, and background checks on gun sales, but nothing on border walls.

But Biden's plans for the Department of Defense drew the most attention. Liberals were disappointed that the roughly-even funding on an inflation-adjusted basis at $715 billion would fail to cut wasteful Pentagon spending. Conservatives want more spending to counter threats from China, Russia, Iran and North Korea.

Several takeaways from the Biden budget proposal

Education, health gain in Biden proposed budgethttps://tmsnrt.rs/2PORFDj

Education, health gain in Biden proposed budgethttps://tmsnrt.rs/3mxqGYO

(Reporting by Trevor Hunnicutt Editing by Nick Zieminski)

((trevor.hunnicutt@tr.com; +1 646 223 7914; twitter.com/trhunnicutt; Reuters Messaging: trevor.hunnicutt.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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