While staff at the Securities and Exchange Commission may be applauding the new federal budget proposed by President Barack Obama, counterparts at the Commodity Futures Trading Commission are far from happy.

In a proposed budget submitted to Congress on Tuesday, the White House is seeking $1.7 billion to fund the Securities and Exchange Commission for the new government fiscal year that starts on Oct. 1. The Commodity Futures Trading Commission would work with a budget of $280 million if Congress approves the request, which is unlikely to happen given a counter-proposal expected from House Republicans this week.

While both agencies will see a bottom-line increase over their current operating budgets, the CFTC's budget proposed budget is actually $35 million less than what was recommended in an earlier budget plan. He proposal does, however, recommend allowing the Commission to enact transaction fees, a long-sought budget boost.The SEC budget recommendation, in contrast, went up by roughly $300,000 from the prior proposal.

Among those speaking out at the CFTC is outgoing Commissioner Bart Chilton, a Democrat. "Our staff is on its knees, some reaching for the exit doors and others already having bailed. Employee morale is the lowest I've witnessed,” he said in a statement. “The last three years of late nights and weekend work, of doing as many as three jobs at once, was rewarded with...wait for it...administrative furlough days! That's a punch to the gut of any worker, but for those in government service who already receive less than they could command in the private sector, it is an unacceptable and unsustainable circumstance.”

“The President's budget request would” fund 100 less employees than we need, 100 less than he requested last year,” he added. “What occurred to make the mandate less needed or less important? Are we done with all of the rule writing? No. Is there less to oversee? Have all the bad actors in the financial sector cleaned up?”

Chilton sees no silver lining in the call for a transaction fee to fund the CFTC.

“There is no real desire to see Congress enact such a transaction fee,” he said. “It's the old smoke and mirrors, but with a strobe for enhanced misdirection. If the request were genuine, a thoughtful, formal legislative proposal would have been forthcoming as part of the budget, as had been promised, years ago.”

However, last month, prior to the release of the budget proposal, Commissioner Scott O'Malia, a Republican, blasted the CFTC's own proposed spending plan, its request to budget-setters, and challenged how those dollars would be spent. While extra funding may indeed be needed for “new and enhanced technology investments that are essential to the efficient surveillance and oversight of the futures and swaps markets,” it instead “allocates too much funding to swap dealer oversight in duplication of the work that the National Futures Association is already conducting.”

O'Malia recommended that Congress direct the CFTC to develop and submit a detailed five-year strategic plan that integrates a technology investment plan. "This plan must include annual milestones and budgets and hold each division and office within the Commission accountable for achieving its goals," he said. "This plan must also require each division and office to prepare a detailed technology strategy so that the Commission can develop a twenty-first century surveillance and risk management program.