Jan. 23 (Bloomberg) -- President Barack Obama will send his fiscal 2015 budget proposal to Congress on March 4, setting his terms for the debate over government spending and taxes for the coming year.
The spending blueprint for the fiscal year beginning Oct.1 is going to lawmakers about a month later than the legal deadline because lawmakers were late in approving a final spending plan for the current year.
“Now that Congress has finished its work on this year’s appropriations, the administration is able to finalize next year’s budget,” Steve Posner, a spokesman for the Office of Management and Budget, said in an e-mail.
Partisan fights over spending and policy stalled action on the federal budget for the current fiscal year and let to a partial government shutdown in October. Lawmakers reached an accord early this month and Obama signed a $1.1 trillion spending plan into law on Jan. 17.
That amount represents the money subject to annual review by Congress. The remainder is mandatory spending, such as Social Security and Medicare. Obama’s last budget totaled $3.78 trillion.
Last year’s deficit of $680 billion was the lowest in five years.
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