The Budget and Accounting Act of 1921, as amended and later codified in the U.S. Code, requires
the President to submit a consolidated federal budget to Congress toward the beginning of each
regular session of Congress. Under 31 U.S.C. Section 1105(a), the President must submit the
budget—which contains budgetary proposals, projections, and other required reports—to
Congress on or after the first Monday in January, but no later than the first Monday in February.
The President’s budget, or the Budget of the United States Government as it is referred to in
statute, is required to include in part (1) estimates of spending, revenues, borrowing, and debt; (2)
detailed estimates of the financial operations of federal agencies and programs; (3) the President’s
budgetary, policy, and legislative recommendations; and (4) information supporting the
President’s recommendations. The President’s budget also contains budgetary proposals for the
legislative and judicial branches. These proposals are transmitted to the President and submitted,
without change, as part of the President’s budget submission to Congress. There are a number of
reports that are required to be submitted along with, or at the same time as, the President’s budget,
such as an annual federal government performance plan and a report estimating the annual costs
and benefits of federal rules.