For the fourth time during the course of his presidency, Democratic President Barack Obama has announced that his administration will fail to submit a budget proposal to Congress on time. This yearly resolution, which is mandated by law before a certain date, has only been achieved by the Obama administration once – in 2010, when it met the legally required date. Every other year, the president’s economic team sent its proposal to Congress within several months after February.
Officially, the White House cited the fiscal cliff debate in its letter to Congressional leaders, stating that delays in legislative action forced the administration to put some of its budget-related projects on hold until the tax increase bill was passed.
“Because these issues were not resolved until the American Taxpayer Relief Act was enacted on January 2, 2013, the administration was forced to delay some of its FY 2014 Budget preparations, which in turn will delay the budget’s submission to Congress,” Jeffrey Zients, the deputy director for management for the administration’s Office of Management and Budget, wrote in the letter addressed to Republican House Budget Committee Chairman Paul Ryan. “The administration is working diligently on our budget request. We will submit it to Congress as soon as possible.”
The bill boosted taxes on Americans making more than $400,000 per year or households that bring in $450,000 annually. Yet it contained no provisions addressing the debt ceiling increase or spending cuts – issues that continue to threaten the U.S. economy.
Those in the investing community need to do all they can to prepare themselves for any future economic turbulence. GreatWealthStrategies.com has a number of resources, including specialized trader software, which are all available for individual investors to utilize in their wealth preservation and investment properties activities.