Obama likely to release budget in early April

WASHINGTON (AP) — The White House says President Barack Obama will likely release his federal budget outline the week of April 8.

That's more than two months late. Under the law, the president is supposed to submit a budget by the first Monday in February, which fell this year on Feb. 4.

Obama aides say the "fiscal cliff" debate over taxes late last year and the implementation of across-the-board spending cuts that took effect on March 1 have delayed the release of the budget.

House Republicans on Tuesday unveiled their latest budget, which would cut domestic programs ranging from Medicaid to college grants. Senate Democrats plan to offer a counterproposal Wednesday with higher spending on domestic programs and additional tax hikes on top of the higher rates imposed on top-bracket earners in January.