CBO schedules annual budget update

The non-partisan Congressional Budget Office announced Wednesday that it will release its annual budget outlook on Feb. 4.

The CBO release kicks off the annual budget season in Washington.

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The outlook will contain a debt and deficit projection for the federal government over the next 10 years. 

President Obama's 2015 budget is technically due on Feb. 3, but sources believe it will once again be delayed. Congress was only able to put a spending plan in place for this year last week. 

House Budget Committee Chairman Paul Ryan (R-Wis.) intends to markup and pass a budget once again this year, even though it will likely contain spending cuts and Medicare changes that could cause problems for some centrist members in the November elections.

On the Senate side, it remains to be seen if Senate Budget Committee Chairwoman Patty Murray (D-Wash.) will do a budget. The Ryan-Murray deal set a top line appropriations level of $1.014 trillion for 2015, so technically there may be no need to produce a blueprint. 

The Senate passed a budget last year for the first time in four years after Congress enacted a no budget, no pay law. That provision was applied last year but has expired.