April 12, 2013
On Wednesday, President Obama released his Budget Request for FY 2014, which begins October 1, 2013. The budget proposal calls for total spending of $3.77 trillion and total revenue of $3.03 trillion, resulting in a projected FY14 deficit of $740 billion.
The budget proposal reflects the President's continued strong commitment to the goals of the National HIV/AIDS Strategy and to the vision of an AIDS-free generation. In proposing to replace the automatic cuts (sequestration) in FY14 and the next seven years (to FY 2021), the President also shows his determination to move forward with a balanced approach to deficit reduction that is coupled with economic growth and job creation.
There are, however, several aspects of the budget that are deeply disturbing, including the proposal to use the "chained CPI" (also known as the Chained Consumer Price Index for All Urban Consumers) approach for annual adjustments to Social Security benefits to account for inflation. This approach would lower benefits from what they would be under current policy. The budget request also includes further cuts to non-defense discretionary (NDD) spending, although those projected cuts would not start until FY 2017. Such cuts all but certainly would affect domestic and global HIV/AIDS programs.
For AIDS United's initial overview of the President's FY14 budget, click here.
For interactive graphs and charts comparing the President's budget with House and Senate budget resolutions and current policy, click here.
To see the official budget documents, visit the White House website here.
For an explanation of the chained CPI, click here.