Postgres Combine Summed Values from 2 Queries / Tables into Single Row

Say I had the following 2 queries, summing values from separate tables.

I would like the sum of recorded time

SELECT      SUM(minutes) as recorded_minutes,     SUM(hours) as recorded_hours FROM recorded_time WHERE     project_id = 1 

To be combined with the sum of budgeted time in a single row

SELECT      SUM(minutes) as budgeted_minutes,     SUM(hours) as budgeted_hours FROM budgeted_time WHERE     project_id = 1 

Is it possible to do this in a single query?