Title: Federal Budget Accountability Act
Policy area: Economics and Public Finance

Summary:
Federal Budget Accountability Act
This bill requires the Office of Management and Budget (OMB) to report annually to Congress on the effect of provisions of legislation for the previous congressional session that were enacted to offset or pay for the costs of carrying out the legislation, including provisions that increase revenue, rescind budget authority, or reduce direct spending.
The OMB must also establish and report to Congress on a system to track the accuracy of the offsets and pay-fors. (Under the bill, an "offset and pay-for" is an estimate by the Congressional Budget Office for a provision of legislation that reduces spending, increases revenue, or reduces the deficit.)

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1999 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 1999

  To require an annual report on offsets and pay-fors, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 6, 2017

 Mr. Buck (for himself, Mr. Palmer, Mr. Biggs, Mr. Meadows, Mr. Gosar, 
 Mr. Jody B. Hice of Georgia, Mr. DesJarlais, Mr. Babin, Mr. Brat, Mr. 
 Grothman, Mr. Polis, Mr. Griffith, Mr. Renacci, Mr. Sanford, and Mr. 
    Perry) introduced the following bill; which was referred to the 
                        Committee on the Budget

_______________________________________________________________________

                                 A BILL


 
  To require an annual report on offsets and pay-fors, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Budget Accountability Act''.

SEC. 2. OMB REPORT ON AND SYSTEM FOR OFFSETS AND PAY-FORS.

    (a) Report.--Not later than March 1 after the first full year 
following the date of the enactment of this Act, and annually 
thereafter, the Director of the Office of Management and Budget shall 
submit to Congress a report on the effect of provisions of legislation 
for the previous congressional session that were enacted to offset or 
pay for the costs of carrying out such legislation, including 
provisions that increase revenue, rescind budget authority, or reduce 
direct spending for the previous congressional session. Any such 
provision shall be analyzed and included in the report for at least 10 
years.
    (b) Tracking System for Offsets and Pay-Fors Required.--Not later 
than 90 days after the date of the enactment of this Act, the Director 
of the Office of Management and Budget shall establish a system to 
track the accuracy of the offsets and pay-fors and submit to Congress a 
report on the system.
    (c) Offset and Pay-For Defined.--The term ``offset and pay-for'' 
means an estimate by the Congressional Budget Office for a provision of 
legislation that reduces spending, increases revenue, or reduces the 
deficit.
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