On May 28, 2021, President Biden released his $6 trillion-dollar FY22 budget request. The request combines his recently released $2.3 trillion American Jobs Plan (see AAU summary of AJP), $1.8 trillion American Families Plan (see AAU summary of AFP), and $1.5 trillion in discretionary spending to fund the next fiscal year. The President also calls on Congress to take action to lower prescription drug pricing costs, expand public housing, address climate change, and expand and improve health coverage, among other priorities. The proposed budget would make changes to the tax code to raise federal revenues; however, it increases the deficit by $1.8 trillion.
The budget proposes $171.26 billion, a 9 percent increase in total research and development across the federal government. A breakdown of the research and development investments in the president’s budget request can be found here. For higher education, the budget proposes $3.3 billion in new discretionary funding aimed at improving student achievement and increasing access to a high-quality higher education for all students.
President Biden’s budget disburses the investments his administration proposed through the American Jobs Plan and the American Families Plan. The American Jobs Plan proposes significant new investments in transportation, water, energy, housing, education, research and development, manufacturing, and human infrastructure. It allocates R&D funding to several federal research agencies including the National Science Foundation and National Institute of Standards and Technology. $180 billion is allocated to “R&D and the technologies of the future.” The plan includes proposals to advance economic growth through research and support for commercialization, manufacturing, and supply chains. The American Families Plan proposes two years of free community college and invests more in making college affordable for low- and middle-income students at HBCUs, TCUs, and other MSIs. Notably, the proposal includes “over an $80 billion investment” in Pell Grants. The plan calls this “a down payment on President Biden’s commitment to double the maximum award.”
View AAU’s FY22 Funding Priorities table here.