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If this is LAW, what are the consequences of not complying? Just a question that has been bugging me.

Although the Constitution does not require the president to present an annual budget, in 1921 the Budget and Accounting Act became law and laid the foundation for the modern budget process, which includes the president’s budget. More recently, the Congressional Budget and Impoundment Control Act of 1974 established a timetable for the annual budget process, which is kicked off each year by the presidential budget submission. The Budget Act specifies that the president’s budget should be presented to Congress on or before the first Monday in February, which generally coincides with the timing of the president’s annual State of the Union Address.
 
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