March 3, 2014
President Obama will release his FY2015 budget tomorrow, a month later than usual due to the late work on the FY2014 omnibus bill approved in January. The document is widely viewed as “dead on arrival” because appropriators already have their discretionary top-line number for the year starting October 1st. No one really expects to see big changes to entitlements and taxes, or comprehensive immigration reform, because of the midterm elections later this year.
The Hill reports that there are eight things to watch for in the President’s budget.
One thing we’ll be watching for are the details on the new $56 billion stimulus package the President has been alluding to this past week, and how is it paid for. The White House has revealed that the budget will call for $56 billion more in discretionary spending in FY2015 than was agreed to in the December House-Senate budget deal. The initiative, billed as the Opportunity, Growth, and Security Initiative, would direct $26 billion to the Pentagon, with the remainder to go to non-defense discretionary spending like education and research. It is not clear exactly how the money is to be spent or what tax loopholes and other savings are to use used to offset the new spending.
Stay tuned for tomorrow!