Jan. 23 (Bloomberg) -- President Barack Obama will submit his proposed fiscal 2013 budget to Congress on Feb. 13, an administration official said.
The election-year proposal, a reflection of Obama’s policies, will outline proposed revenue and spending plans for the year that begins Oct. 1, along with deficit, inflation, unemployment and economic growth forecasts.
The government posted a deficit of $1.3 trillion in fiscal 2011, which ended Sept. 30. That was about equal to the shortfall in the previous year and the third-highest budget gap as a share of the economy since 1945, according to the nonpartisan Congressional Budget Office.
The administration was due to release the document on Feb. 6. The date was set back to leave enough time for decisions on spending and technical details, according to the official, who wasn’t authorized to speak publicly.
The delay isn’t expected to push back the Pentagon’s scheduled Jan. 26 news conference to unveil portions of the fiscal 2013 defense budget, according to two defense officials familiar with the department’s planning. Defense accounts for about 20 percent of the federal budget and about half the government’s discretionary spending.
Obama’s last budget totaled $3.7 trillion. Administration officials have said he will reprise deficit-reduction plans and tax increases on the wealthy that have been rejected previously by Republicans in Congress.
The proposal to cut the deficit will be along the lines of the $4 trillion proposal that he outlined last September, two administration officials said earlier this month. That plan called for $1.5 trillion in tax increases over the next decade, including the expiration of Bush-era tax cuts for families earning $250,000 or more a year.
Many of Obama’s tax and spending proposals were ignored or rejected by Congress. His fiscal 2013 spending plan probably will encounter even more resistance in an election year when the presidency, every seat in the U.S. House and one-third of those in the Senate will be decided.
House Budget Committee Chairman Paul Ryan, a Wisconsin Republican, said the delay is an “abdication of leadership” by the president.
“This will mark the third time in four years the president has missed his statutory requirement to present a budget on time, while trillion-dollar budget deficits continue to mount,” Ryan said in an e-mailed statement.
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