President Obama Releases FY2015 Budget Request

Posted on: March 7th, 2014 by NADO Admin

On March 4, President Obama released his Fiscal Year (FY) 2015 budget request.  The budget adheres to the top line discretionary spending level of $1.014 trillion for FY2015 set by the Bipartisan Budget Act of 2013.  This is a $2 billion increase over the FY2014 enacted level. The budget includes a $56 billion wish list (known as the “Opportunity, Growth, and Security Initiative”) for additional defense and domestic spending including investments in biomedical research, clean-energy technologies, pre-kindergarten education programs, manufacturing institutes, and modernization of military facilities.  Funding for the initiative would come from reforms to the tax code and other spending cuts.  Other highlights from the budget request include:

  • $1.2 trillion in new deficit reduction, beginning in FY2016, to replace sequestration cuts
  • A 4-year, $302 billion surface transportation reauthorization proposal with $150 billion in new transportation spending sourced through reforms to the corporate tax code
  • $402 billion in cuts to entitlement programs over the next decade
  • Proposed funding increases for Public Works and Economic Adjustment Assistance programs within the U.S. Economic Development Administration’s budget
  • Increased funding in grants for innovative and regional workforce strategies
  • Reforms to the CDBG program that drive regional collaboration
  • New USDA Rural Development programs aimed at improving rural business and cooperative competiveness

NADO legislative staff are preparing our annual comprehensive budget report and it will be available to NADO members next week.  A detailed webinar will follow once the House and Senate release their funding proposals in order to provide the best analysis and comparison of all three funding approaches.

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