President Biden’s Full FY 2022 Budget - May 28, 2021

Under the PRESIDENT plan, the Administration estimates debt would grow to 117 percent of Gross MAYA MACGUINEAS Domestic Product (GDP) by the end of FY 2031, compared to the 113 percent of GDP under the Office of Management and Budget’s (OMB) baseline. [...] Federal debt held by the public would rise from 100 percent of GDP at the end of FY 2020 and a record 110 percent of GDP in 2021 to 114 percent of GDP by 2024 and 117 percent of GDP by the end of 2031. [...] Under the budget, spending would average 24.5 percent of GDP over the 2022-2031 budget window, 1.8 percent of GDP higher than the 22.7 percent of GDP average estimated in OMB’s baseline. [...] The budget’s growth assumptions of 2.2 percent per year over the decade and 1.9 percent per year in the second half of the decade are somewhat higher than CBO’s projections of 2.0 and 1.6 percent and the Federal Reserve’s 2.0 and 1.8 percent estimates. [...] The agency expects the unemployment rate to fall from 6.1 percent today to average 5.5 percent in CY 2021, 4.1 percent in 2022, and average 3.8 percent in the second half of the decade.