US Federal Budget outlook
The administration of President Barack Obama releases the 2014 US fiscal budget proposal after a delay of more than two months.
The budget was due by law on February 4. Under the law the president must submit the proposal by the first Monday in February. President Obama, however, met the deadline only once during his previous mandate.
The delay was reportedly caused by the budget uncertainty that surrounded the fiscal cliff, sequestration and the government funding resolution that expires on March 27.The budget for the upcoming fiscal year has to be authorized by the Congress before taking effect.