With this ledger file:

~ Monthly 2016/1/1 
    Expenses:Salary $4000
    Assets:Checking

~ Monthly 2016/2/1
    Expenses:Salary $5000
    Assets:Checking

2016/1/1 Salary
    Expenses:Salary $4000
    Assets:Checking

2016/2/1 Salary
    Expenses:Salary $4000
    Assets:Checking

...when I run this: ledger register ^Expenses --monthly

...I get this:
16-Jan-01 - 16-Jan-31           Expenses:Salary               $4000        $4000
16-Feb-01 - 16-Feb-29           Expenses:Salary               $4000        $8000

Which looks correct.  When I add --budget like this: ledger register ^Expenses 
--monthly --budget

...I get this:

16-Feb-01 - 16-Feb-29           Expenses:Salary              $-1000       $-1000

I would expect to get this instead:

16-Jan-01 - 16-Jan-31           Expenses:Salary               $4000            0
16-Feb-01 - 16-Feb-29           Expenses:Salary              $-1000       $-1000

Could this be a bug?  This is using release/3.1.1 compiled from git

- Ryan

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