Overview of the President’s FY 2014 Budget

Source: National Conference of State Legislatures, April 2013

The president’s FY 2014 budget proposal released on April 10, 2013, totals $3.77 trillion. It would reduce the federal deficit by $1.8 trillion over the next 10 years through revenue enhancements and spending reductions. The president typically releases his budget the first week of February but was delayed because of the fiscal uncertainty at the beginning of the year. Both the House and Senate already have offered and approved budget proposals for FY 2014, although an agreement between the two chambers remains a challenging proposition.

The news for states varies in the 2,460-page budget proposal. Additional funding for infrastructure development and early childhood education are emphasized. The president’s proposal continues the administration’s push to cap or limit the authority of state and local governments to issue tax-exempt bonds. Although the last eight years of the sequestration cuts would be eliminated, the president’s budget calls for deeper reductions than the spending caps instituted in the Budget Control Act.

A Federal Funds Information for States (FFIS) report highlights discretionary and mandatory program funding differences between FY 2013 and the president’s FY 2014 proposal.