On March 28, 2022, the Administration submitted its annual set of budgetary proposals to the Congress. In this report, the Congressional Budget Office examines how those proposals, if enacted, would affect budgetary outcomes in relation to CBO’s most recent baseline budget projections. Under the President’s proposals, the cumulative deficit for the 2023-2032 period would be $2.6 trillion smaller than it is in CBO’s baseline projections because revenues would be higher and spending lower. As a result of those smaller deficits, federal debt held by the public in 2032—at 102 percent of GDP— would be 7 percent of GDP lower than it is in CBO’s baseline projections.