2024 Federal Budget

"To the Congress of the United States:

When I took office 2 years ago, COVID-19 was raging and our economy was reeling. Millions of workers had lost their jobs, hundreds of thousands of businesses closed, supply chains were snarled, and schools were still shuttered. Families across the Nation were feeling real pain. But today, 230 million Americans have been vaccinated. We have created a record 12 million jobs, and unemployment is at a more than 50-year low, with near-record lows for Black and Latino workers and women. Wages are rising, inflation is slowing, manufacturing is booming, and our economy is growing. More Americans have health insurance than ever before, and a record 10 million Americans have applied to start a small business—each application an act of hope. Our economic plan for the Nation is working, and American families are starting to have a little more breathing room.

I ran for President to rebuild our economy from the bottom up and middle out, not from the top down—because when the middle class does well, the poor have a ladder up and the wealthy still do well. We all do well. For too long, though, the backbone of America, the middle class, has been hollowed out. Too many American jobs were shipped overseas. Unions were weakened. Once-thriving cities and towns have become shadows of what they were. My economic vision is about investing in those places and people who have been forgotten. That is what we have done in these historic past 2 years.

Together, the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act are among the most significant public investments in our Nation’s history, expected to draw more than $3.5 trillion in public and private funding for infrastructure and industries of the future—including clean energy. It is simple: you cannot be the number one economy in the world unless you have the best infrastructure in the world. So we are finally rebuilding our roads, bridges, railways, ports, airports, water systems, and more to keep our people safe, our goods moving, and our economy growing. We have already announced over 20,000 projects and awards, creating tens of thousands of good-paying union jobs while requiring that all construction materials are made in America. Americans everywhere can take pride in seeing shovels in the ground for that work..."
2024 Federal Budget