Federal law requires that CBO present current-law budget projections.

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Federal law requires that consumers go through budget and credit counseling from an approved counseling agency within 180 days before you file for bankruptcy.

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My recommendation is to ignore the official current-law scoring estimates of the federal budget, unless you have sufficient analytical resources to sort through the legislative details, line by line, and figure out what is really going on.

WSJ: William Poole: A Primer for Understanding Obama's Budget

Indeed, the Democratic Senate has refused to even pass any budget for 2 years, in violation of federal law.

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For instance, many sector investors are concerned right now that sequestration of federal funds will trigger on January 2 as mandated by the budget law.

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Besides that, the Republicans could attach provisions to vital bills, such as the budget, that would forbid federal workers (say, at the Internal Revenue Service) from implementing the law.

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Before Obama spoke, House Republican leaders slammed him for failing to produce a budget proposal the day before, which they said is a long-standing deadline to do so under federal law.

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Second, even before the Budget Control Act became law, military spending was already programmed to decline to a mere 13% of federal spending in 2017, the final year of the second Obama administration.

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