Board Converting News, April 26, 2021

BestBrightHalfHOUSEtwo.qxp_Layout 1 9/12/18 4:28 PM Page 1 At this point the President’s current outline is just that – an outline. It doesn’t yet include the level of detail that is expected to come later. The current price tag of this por- tion of this portion of the President’s budget is $1.52 trillion Small Business Legislative Council Provides Update From Washington April 30 will mark President Biden’s 100th day in office. Since the President signed the $1.9 trillion COVID relief package in mid-March, the Administration has been full steam ahead to put the President’s next ambitious sets of policy goals on the table. With press attention ping pong- ing between a range of topics, we thought it would be helpful to take a quick step back to look at where the big ticket items currently stand. The President’s Budget Proposal This past Friday, President Biden released an outline of the discretionary spending portions of his proposed bud- get for the 2022 federal fiscal year, which will commence on October, 1, 2021. Looking ahead to FY2022, the President and Congress will be in a different position than they have been in recent years in that they will no longer be subject to the discre- tionary spending caps that have been in place over the last decade as the result of the Budget Control Act of 2011. These provisions will be expiring at the end of the 2021 fiscal year.

(remembering that this is only discretionary budget items and does not include Medicare, Medicaid and social se- curity). One of the most notable things about the President’s top line numbers is that they break from a decades long trend of increasing military and domestic spending by sim- ilar increments. The President’s proposal would increase discretionary non-defense spending by 16 percent while only increasing discretionary defense spending by 1.7 per- cent. The increase is below the 3-5 increase that many Republican members of Congress have called for. On the other side of the aisle, a number of progressive Democrats have opposed any increase in military spending and in- stead called for cuts. The most significant increases would be to the bud- gets for the Departments of Commerce, Education and Health and Human services and the Environmental Pro- tection Agency (EPA) – with a targeted focus on allocating resources to addressing health care, education, income inequality and climate change issues. Interestingly, on the climate change front, the Republicans in the House, under the leadership of House Minority Leader Kevin McCarthy have announced that they will be rolling out their own pro- posal for climate change legislation next week to coincide with Earth Day. Initial details of the proposal have not yet been released. Of course, the release of the President’s outline is just CONTINUED ON PAGE 54

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April 26, 2021

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