With the passage of CHIPS and Science, floor votes on 6 of the 12 appropriation bills released by the House, and the release of all 12 Senate bills, July was a busy month. When congress returns from it's August recess, they will have only 24 days before the end of the fiscal year.
Keep up with what you may have missed with our report detailing the R&D investments we might see in FY 2023's budget across the House and the Senate versions of the bills. Download the report or play with our interactive R&D Budget dashboard.
Our current updated estimates for aggregate fiscal year (FY) 2023 R&D has the House total at $192.5 billion, an increase of $15.6 billion or 8.8% above FY 2022 estimated levels. The Senate is a very similar $192.1 billion, $15.2 billion over the FY 2022 estimated levels, and $400 million under the House’s recommendation.
The House figure is also nearly at parity with the White House FY 2023 request, with the House allocating just under a billion less, and the Senate a billion and a half. Even with the Senate’s more conservative increase, this would mean a $15.2 billion increase to R&D appropriations as compared to 2022.
In spite of this growth, we estimate total federal R&D would continue to plateau as a share of the U.S. economy to 0.75% of GDP (Graph 1). This is potentially due to a predicted 5.5% growth for the U.S. GDP in 2023.