Secretary of the Treasury Janet Yellen

Secretary of the Treasury Janet Yellen and Office of Management and Budget (OMB) Director Shalanda Young released the final budget results for fiscal year (FY) 2023. Outlays for the Federal Communications Commission were $17.9 billion, $2.3 billion lower than the Mid-Session Review estimate. This is mainly due to lower-than-anticipated outlays for the Affordable Connectivity Program (ACP) and the Emergency Connectivity Fund for Educational Connections and Devices (ECF). Also, Universal Service Fund outlays were $498 million higher than anticipated.

The G20 has worked diligently to catalyze private sector investment in infrastructure. This work is now more important than ever as governments divert resources towards COVID-19 recovery, and the US is committed to doing its part. First, to help address the investment gap here in the US, the Biden-Harris Administration has proposed a plan to invest $1.7 trillion in public finance over the next 10 years.