On April 10, President Barack Obama sent Congress a budget proposal for fiscal year 2014. The President’s $3.77 trillion budget, with a mix of deficit reduction through spending cuts and tax increases and new spending to spur the economy, projects a $744 billion deficit for the 2014 fiscal year, which begins Oct. 1. That is down from the $973 billion shortfall projected for this fiscal year, after four years of post-recession deficits exceeding $1 trillion. Although much of the coverage of the proposal focuses on cuts to Medicare and Social Security, we take a quick look at the budget proposals for the Federal Communications and the National Telecommunications and Information Administration, the two key agencies for federal telecommunications policymaking. Why spend so much time looking at numbers that may not be part of a final budget – even if one is passed? Well, ss Vice President Joe Biden says, "Don't tell me what you value. Show me your budget, and I'll tell you what you value." And, as Benton Foundation Chairman Charles Benton often reminds us here in the home office, “Money is policy.” Budgets – even budget proposals – remain instructive indicators of what policymakers see as important initiatives. It remains up to us to let them know if they are right – and to hold them accountable.