Missing 2025 Budget. If there is no budget in the spring and reeves shifts to one major fiscal event each year, the next budget is likely to take place in the autumn of 2025. The governor may approve or veto the entire budget, veto or reduce specific line.

Thereafter, deficits steadily mount, reaching $2.6 trillion in 2034. This report, the latest in the series, presents 76 options for altering spending and revenues to reduce federal budget deficits.