The tax question has to be settled by the end of this year. The spending question does not, and the budget normally wouldn't be submitted until after the incoming Congressmen/Senators take office in January. Typically the president submits a budget by February.
The Federal fiscal year gives elected Congressmen, who begin office in January, time to participate in the budget process for the next fiscal year. After they start office, the President submits the budget for that next year by the first Monday in February. Congress, including the newly elected officials, has until September 30 of that calendar year to approve the budget. If it doesn't, then some non-essential government agencies may start to shut down. Usually Congress will enact temporary measures to keep the government running until they work out their disagreements about the budget.
For example, a new Republican majority was voted in during the mid-term Congressional elections in November 2010. They were able to participate in the FY 2012 budget, which was submitted by President Obama in February 2011, a month after they took office.
Nice attempt to turn SOP into something nefarious.
WH saying they will only deal with tax hikes now and wait for next year before talking about any spending cuts......