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Proposed Budget Supports Department of Commerce’s Mission of Making America More Competitive
Today, the Biden-Harris Administration submitted to Congress the President’s Budget for fiscal year 2024. President Biden’s 2024 Budget for the Department of Commerce makes historic investments to drive U.S. innovation and global competitiveness, foster inclusive capitalism and equitable economic growth, address the climate crisis, and expand opportunity and discovery through data.
In particular, this budget requests $12.3 billion in discretionary funding and $4 billion in mandatory funding to support key Commerce Department priorities. This budget complements ongoing investments in expanding high-speed Internet access and addressing climate change, provided by the Bipartisan Infrastructure Law and the Inflation Reduction Act, as well as investments to revitalize the domestic semiconductor industry, provided by the CHIPS and Science Act of 2022.
“President Biden’s budget makes targeted, strategic investments that will position America’s workers and businesses to succeed in the 21st century,” said U.S. Secretary of Commerce Gina Raimondo. “In addition to building on the critical investments in the Internet for All and climate resiliency programs, included in the Bipartisan Infrastructure Law and Inflation Reduction Act, these investments will bolster manufacturing and supply chains, create more good-paying jobs, and revitalize communities across the country.”
“These new investments will help continue the wide breadth of the Commerce Department’s work under our overarching goals of driving innovation and ensuring equity and resilience,” said U.S. Deputy Secretary of Commerce Don Graves. “Whether we’re advancing national security objectives with export control enforcement at the Bureau of Industry and Security, tackling climate change at the National Oceanic and Atmospheric Administration, or driving growth in historically underserved communities at the Economic Development Administration and Minority Business Development Agency, this budget will enable the entire Commerce Department to meet our mission of boosting America’s competitiveness.”
The Budget makes critical investments that will help the Commerce Department create the conditions for economic growth and opportunity for all communities. Specifically, the Budget would:
For more information on the President’s FY 2024 Budget, please visit: https://www.whitehouse.gov/omb/budget/
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