The FIA will be announcing the results of the 2021 budget in the coming week or so, but it is believed that 2 teams have exceeded that limit, and one of those two has done it significantly, rumors suggest it is Red Bull Racing.
In 2021, F1 introduced a first-ever budget cap to bring fairness into the sport. The logic behind introducing the budget cap was that if all the teams can spend the same amount, then in due course of time, everyone would become equally competitive. The problem for the FIA arises when it has to decide what needs to be done if teams exceed that cap.
The situation in which Red Bull gets away with it:
As per the rules, overspending of $ 5 million is lodged as a minor offense and the team(s) get(s) away with a fine, but Red Bull’s fiercest competitors Ferrari and Mercedes would argue that because that amount would make a big difference from their perspective.
The main worry factor is that overspending in 2021 would give an advantage in the 2022 season because the car was developed in 2021 and Red Bull seems to be stronger than ever.
Red bull denies this, but speculations say that the upgrades Red Bull has made would not have been possible within the budget cap.
There are reports that the FIA will charge a fine to both teams, the other one being Aston Martin, to avoid a scandal.