The Obama Administration announced that it will release its FY15 budget request to Congress on March 4. Although the President is required to submit his budget request to Congress by the first Monday in February, the Administration has submitted the request after the deadline for the last two fiscal years.
The Administration stated it is able to move forward with FY15 budget planning now that Congress has completed its FY14 appropriations. The Office of Management and Budget (OMB) is reportedly working with individual federal agencies to finalize the amount of FY15 departmental budget requests.
Congress may be able to quickly move forward with its appropriations process in FY15 because the Bipartisan Budget Act of 2013 set a new FY15 discretionary spending cap. With this figure in place, Congress is expected to avoid another prolonged budget negotiation in FY15. In FY14, the lack of agreement between the House and Senate over an FY14 spending cap prevented the chambers from completing FY14 appropriations bills on time.