About This Source - Bloomberg QuickTake: Now
Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.
Recent from Bloomberg QuickTake: Now:
Bloomberg Quicktake: Now published this video item, entitled “Biden Details $1.52 Trillion Spending Proposal to Boost to Health, Education” – below is their description.
President Joe Biden released a $1.5 trillion wish list for his first federal budget Friday, asking for substantial gains for Democratic priorities including education, health care, housing and environmental protection.
The request by the White House budget office for an 8.4% increase in agency operating budgets spells out Biden’s top priorities as Congress weighs its spending plans for next year. It’s the first financial outline of the Democrats’ broader ambitions since the expiration of a 2011 law that capped congressional spending.
As he was preparing for an economic briefing in the Oval Office, Biden told reporters his funding priorities included two public health initiatives – funding for a health agency research project and increased funding to help states deal with the ongoing opioid crisis.
Biden also mentioned his push for more funding for low socio-economic schools and to end the rape kit backlog.
At stake is “discretionary spending,” roughly one-third of the huge federal budget that is passed by Congress each year, funding the military, domestic Cabinet department operations, foreign policy and homeland security. The rest of the budget involves so-called mandatory programs with locked-in spending, chiefly Social Security, Medicare and Medicaid.
Passing the president’s plan as written through Congress is typically a long shot. Recent history and guaranteed conflicts with Republicans are likely to force lawmakers to put discretionary accounts on autopilot for months after the Sept. 30 expiration of the budget year.
Friday’s request does not include plans for tax revenues or mandatory federal spending. Nor does it include the planned spending in Biden’s infrastructure plan. A fuller budget proposal will be released later this spring.Bloomberg Quicktake: Now YouTube Channel
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