President Joe Biden’s proposed discretionary budget for 2024 is well below baseline projections for both funding and spending that were estimated by the Congressional Budget Office (CBO).
The president’s proposed funding is 4 percent below CBO projections for the year and 12 percent for the coming decade, according to a May 18 report.
About 75 percent of the reductions were achieved by budgeting less for emergency requirements than the CBO had projected.
Spending is also below CBO projections by about 2 percent. Defense spending is 3 percent below CBO’s projection, and all other categories are 1 percent under the estimate.
Measured as a percentage of the nation’s gross domestic product (GDP), the two categories of discretionary spending total 5.3 percent. Defense spending is projected to equal 2.5 percent of GDP and non-defense spending 2.8 percent….