Federal Insurance Budgeting Act of 2005

Bill: 109-s-568
Sponsor: Sen. Voinovich, George V. [R-OH]
Introduced: 2005-03-08 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
Financial statements
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: 2005-03-08
text: 
Truth in Budgeting and Social Security Protection Act of 2005 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) (BBEDC) to extend discretionary spending caps and pay-as-you-go (PAYGO) requirements. 
 
Amends the Congressional Budget Act of 1974 (CBA) to prescribe authority and criteria for designation of emergency requirements, as well as points of order against such a designation. 
Amends BBEDC to extend indefinitely certain budget enforcement mechanisms of discretionary spending limits (caps). 
Amends 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 2005 - Requires that, starting FY 2008, the President's budget submission 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 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 the Commission on Federal Budget Concepts.

Legislative actions:
action_date: 2005-03-10
text: Sponsor introductory remarks on measure. (CR S2422-2424)
action_date: 2005-03-08
text: Read twice and referred to the Committee on the Budget.
action_date: 2005-03-08
text: Introduced in Senate