The White House on May 28, 2021, released President Joe Biden's $6 trillion proposed budget for federal spending in fiscal year (FY) 2022. The president's budget proposal serves as a fiscal blueprint for the administration's policy priorities and signals to Congress what the White House hopes to accomplish over the coming years. It also provides a detailed look at how the president's spending and revenue proposals would affect federal deficits and debt. It includes the administration's assumptions about how those policies would affect economic growth, inflation and interest rates.