The senior official said the emergency budget request -- formally known as a supplemental budget request for this fiscal 2003 budget year -- will be sent to Congress later this week.
"While the budget resolution takes important steps in the near-term of cutting the deficit in half by 2012 and by two-thirds by 2014, it is clear that more will be needed to address the long-term fiscal imbalance confronting the nation beyond the five-year budget window, " said Conrad.
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Mr. Obama used his last bit of leverage to prevail over Republicans in the fiscal-cliff budget negotiations late last year.
DiNapoli noted areas where estimated revenues and savings may not materialize, which could lead to budget gaps in the 2013-2014 fiscal year, which runs through March 31.
Sometime in the next few months Congress will approve a fiscal 2011 defense budget, and General Electric will know whether its five-year struggle with two administrations to stay in the fighter engine business has been successful.
So Treasury officials stress that relative to both last year's budget and November's pre-budget report, the fiscal stance has tightened for the next two years, the period the Bank looks at most closely when considering the outlook for inflation.
The new government got this year's budget through the opposition-controlled Congress only by agreeing to increase the fiscal deficit.
The ten-year budget horizon that dominates debate in Washington obscures just how dire is America's fiscal outlook, since it is only just over that horizon that the baby-boomers start to retire in great numbers.
According to news reports, Democrats and Republicans are unlikely to reach any sort of budget agreement before April 8, when a short-term spending bill for the current fiscal year expires.
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Efforts to get our economy moving again would be done -- the President would want to see that money go into the economy before the beginning of the fiscal year budget.
Senator Conrad obviously -- on the Budget Committee, is important to the process of putting together a budget for the next fiscal year, as well as an important player on health care reform.
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