- 2022 discretionary budget is $1.52T, up 8.4% from FY 2021
- Budget excludes emergency and other non-base funding
- Non-defense up 16%, Defense up 1.7%
- Expects to submit full budget to Congress in late Spring
There is a global race to spend as much as possible and the bond market doesn't care. Policymakers have discovered the magic money tree and it will continue until it ends. I suspect it will be awhile.