Obama to Release Budget April 10

President Obama will release his fiscal year 2014 budget proposal on April 10, deputy press secretary Josh Earnest said Thursday at a White House briefing.

That means the budget will be 65 days late from when it is normally issued. Under federal budget law, the president is required to submit a budget to Congress by the first Monday in February.

Senate Democrats passed their $3.7 trillion fiscal 2014 budget late last week, which would overhaul the tax code and raise $975 billion in taxes over 10 years. House Republicans also passed their $4.6 trillion fiscal 2014 budget blueprint which would slash federally-funded high-speed rail, repeal President Obama’s healthcare law, and cut domestic programs over 10 years.

It is likely that some form of a 28% cap on the value of tax exemption, including tax-exempt bond interest, will be in the president’s budget, as it has appeared in past budgets. His budget is also expected to propose creation of a national infrastructure bank.

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