Summary and Analysis of Biden Administration’s Newly Released FY 2022 Budget

On Friday, May 28, the Biden administration released its fiscal year (FY) 2022 budget request (“Budget”) and the following accompanying documents.

- Fact Sheet. Six-page summary of various proposals in the Budget.

- Analytical Perspectives. Contains a detailed analysis of specific subject areas within the Budget. It includes information on federal receipts and collections; analyses of federal spending; and information on federal borrowing and debt.

- Appendix. Provides details on appropriations and legislative proposals for each agency.

- General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals (“Green Book”). For the first time since 2016, the Budget also includes a Green Book, which provides cost estimates and descriptions for the revenue proposals in the Budget.

Please see full Alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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