FY 2023 budget: Initial document is released

Budget message of the president, information on the president’s priorities, and summary tables

Budget message of the president, information on president’s priorities, and summary tables

The Office of Management and Budget this morning released an initial budget document for fiscal year (FY) 2023.

This initial budget document [PDF 2.5 MB] provides the budget message of the president, information on the president’s priorities, and summary tables. 

Read more about the budget on the OMB website.

Overview of budget process

An administration’s budget reflects the policy priorities of the administration and includes its recommendations to Congress for spending and taxation for the fiscal year that begins October 1, 2022. Congress decides whether to implement those recommendations, and the congressional budgets may diverge substantially from the administration’s recommendations.

The budget process begins with the submission of the president’s budget proposal (submitted today by the Biden Administration).

The next step is for the House and Senate each to consider a budget resolution—an internal directive providing guidance to congressional committees as they write legislation implementing the coming year’s budget. This resolution typically is initiated in the budget committee of each chamber. 

Treasury “Green Book” expected shortly

Now that the FY 2023 budget proposals have been released, the U.S. Treasury Department is soon expected to release the “Green Book”—its explanation of the tax proposals in the administration’s FY 2023 budget.

The “Green Book” is officially the “General Explanation of the Administration’s Fiscal Year 2023 Revenue Proposals” and will describe the tax proposals in the FY 2023 budget.

KPMG’s TaxNewsFlash will provide text and then a report of initial impressions of the “Green Book” once released.

 

 

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