President Obama in the Oval Office/ White House Flickr

Next week on March 4, President Obama’s fiscal year 2015 budget will be released. Here’s what will -- and what won’t -- be in his budget request:

In: $56 Billion in New Spending

The President plans to scale back on sequestration cuts in 2015 by adding $56 billion in new spending, evenly divided between military and domestic programs. The White House calls this its “Opportunity, Growth, and Security Initiative.” This initiative will include a program that promotes energy efficiency in the states, as well as job training programs, expanded Head Start, and universal pre-K, while at the same time adding billions in additional spending to the military.

In: Means-Testing Medicare

The Obama administration will ask wealthy seniors to pay more for their Medicare benefits.

In: New Corporate Tax Rules

The president will propose new tax rules designed to prevent corporations from avoiding U.S. taxes by limiting their ability to move profits overseas. This would impact many medium and large U.S. companies that have international operations.

Out: Social Security COLA Reduction

In his fiscal year 2014 budget, President Obama proposed a reduction in retirees’ cost of living adjustment (COLAs) through switching to the chained Consumer Price Index (CPI), which is in alternate measure of inflation. Chained CPI would produce lower annual increases in the cost of living and, in turn, reduce Social Security benefits. Last week, however, the administration said that the chained CPI will not be a part of the 2015 budget request. The announcement came with a caveat, though. If Republican lawmakers wanted to revisit negotiations to reach a deal on reducing future deficits, the chained CPI could be back on the table.

 Importance of the President's Budget

Though the budget ultimately enacted by Congress may look very different from the budget request released by the president, it’s still important to consider. The president’s request will reflect input from each federal agency as well as showcase his vision for the country in 2015 and beyond.

Be sure to check back with us next week and in the weeks that follow as we track the release of the President’s fiscal 2015 budget and provide you with updates, analyses, charts, and more.