The Biden-Harris Administration has submitted the President’s Budget for the fiscal year 2024 to Congress with $12.3 billion in discretionary funding and $4 billion in mandatory funding for the Department of Commerce (DOC), according to a press release issued March 9.
“President Biden’s budget makes targeted, strategic investments that will position America’s workers and businesses to succeed in the 21st century,” Secretary of Commerce Gina Raimondo said in the press release. “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.”
The budget provides funding to drive innovation and global competitiveness, foster inclusive capitalism and equitable economic growth, address the climate crisis, and expand opportunity and discovery through data, the release reported. This budget builds on ongoing investments in expanding high-speed Internet access, addressing climate change, and revitalizing the domestic semiconductor industry, provided by previous acts.
The budget aims to support key priorities of the DOC while complementing earlier investments, according to the release. It focuses on driving innovation and competitiveness in the United States, fostering equitable economic growth, addressing the climate crisis and expanding opportunities through data. The budget emphasizes the importance of investing in key sectors such as high-speed Internet access, climate change and the semiconductor industry, which are crucial for ensuring the country's long-term economic growth and competitiveness.
“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,” Deputy Secretary of Commerce Don Graves said in the release.
“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," Graves said.
