President Obama to Submit Budget in Mid-March - KTVN Channel 2 - Reno Tahoe News Weather, Video -

President Obama to Submit Budget in Mid-March

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An administration official says President Barack Obama plans to submit his 2014 budget plan to Congress in mid-March.

The budget was supposed to have been released last week but the White House says it's been delayed by passage of legislation last month to avert the so-called fiscal cliff. That legislation extended most of the Bush-era tax cuts but boosted the top tax rate on upper-bracket income from 35% to 39.6%.

The official required anonymity because the decision has not been announced publicly.

Republicans have slammed Obama for repeatedly missing the early February deadline for submitting his budgets.

Republicans controlling the House and Democrats in charge of the Senate are both expected to begin drafting their budget blueprints before they receive Obama's budget, with floor votes likely in March. (AP)

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