Truth in Budgeting and Social Security Protection Act of 2003

Bill: 108-s-689
Sponsor: Sen. Voinovich, George V. [R-OH]
Introduced: 2003-03-21 in the Senate
Policy area: Economics and Public Finance
Subjects: Accounting
Appropriations
Auditing
Authorization
Biennial budgets
Budget reconciliation
Budget resolutions
Capital budgets
Capital investments
Congress
Congressional budget
Congressional committees (House)
Congressional committees (Senate)
Congressional conference committees
Congressional investigations
Congressional oversight
Congressional reporting requirements
Congressional sessions
Consultants
Continuing resolutions
Economic forecasting
Economic statistics
Federal budget process
Federal budgets
Finance and Financial Sector
Fiscal year
Government Operations and Politics
Government contractors
Government insurance
Government service contracts
Government spending reductions
Health
House Appropriations
House Budget
House rules and procedure
Legislation
Legislative amendments
Medicare
Old age, survivors and disability insurance
Performance measurement
Planning-programming-budgeting
Risk
Senate Appropriations
Senate Budget
Senate rules and procedure
Social Welfare
Social security finance
Strategic planning

Summary:
action_date: 2003-03-21
text: Truth in Budgeting and Social Security Protection Act of 2003 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend discretionary spending caps and pay-as-you-go (PAYGO) requirements.
Amends the Congressional Budget Act of 1974 (CBA) to require: (1) proposed legislation to contain a projection by the Congressional Budget Office (CBO) of the cost of debt servicing for measures; (2) conference reports to contain amounts allocated to the Committee on Appropriations subcommittees; and (3) the CBO to report on proposed legislation or conference reports by any committee that contain cost riders that are likely to increase the cost path of a measure.
Requires the President to report to specified congressional committees in January of each year on the fiscal exposures of the Federal Government and their implications for long-term financial health.
Federal Insurance Budgeting Act of 2003 - Requires that, starting FY 2008, the President's budget submitted to Congress be based upon the risk-assumed cost of Federal insurance programs for accrual budgeting purposes. Amends cost requirements of Federal insurance programs.
Requires agencies that are responsible for Federal insurance programs to develop models to estimate their risk-assumed cost by year.
Amends CBA to revise the Federal and congressional budget processes by establishing a two-year budgeting and appropriations cycle and timetable. Defines the budget biennium as the two consecutive fiscal years beginning on October 1 of any odd-numbered year.
Establishes and defines the duties of the Commission on Federal Budget Concepts.

Legislative actions:
action_date: 2003-03-21
text: Read twice and referred jointly to the Committees on the Budget; Governmental Affairs pursuant to the order of August 4, 1977, with instructions that if one Committee reports, the other Committee have thirty days to report or be discharged. (text of measure as introduced: CR S4288-4295)
action_date: 2003-03-21
text: Introduced in Senate