Fiscal Honesty and Accountability Act of 2007

Bill: 110-hr-2685
Sponsor: Rep. Hill, Baron P. [D-IN-9]
Introduced: 2007-06-12 in the House
Policy area: Economics and Public Finance
Subjects: Armed Forces and National Security
Authorization
Balanced budgets
Budget deficits
Budget reconciliation
Budget resolutions
Budget surpluses
Congress
Congressional Record
Congressional budget
Congressional committees
Congressional reporting requirements
Congressional voting
Defense budgets
Disaster relief
Emergency Management
Expedited congressional procedure
Federal budget process
Federal budgets
Government Operations and Politics
Government spending reductions
Government trust funds
House rules and procedure
Interest
Legislation
Legislative amendments
Legislative resolutions
Military operations
Public debt
Senate rules and procedure
Standards
Taxation

Summary:
action_date: 2007-06-12
text: 
Fiscal Honesty and Accountability Act of 2007 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend Pay-As-You-Go requirements through FY2012 and enforcement mechanisms through FY2016.
 
Requires the Directors of the Congressional Budget Office (CBO) and of the Office of Management and Budget (OMB) each to report to the House Committee on the Budget on how to broaden the Pay-As-You-Go sequestration base and make it more fair and equitable.
 
Extends through FY2011 the spending limits (spending caps) for the discretionary categories in new budget authority and outlays. 
 
Amends the Congressional Budget and Impoundment Control Act of 1974 to address issues of emergency spending by requiring: (1) Committee on the Budget guidelines; (2) a separate House vote on an emergency designation; and (3) detailed reserve funds for emergencies in the President's budget request to Congress. Prescribes a procedure for adjustments in committee allocations resulting from such spending in joint budget resolutions.
 
Amends the Congressional Budget Act of 1974 (CBA) to prohibit floor amendments to amendments reported by the Committee on the Budget (or from the consideration of which the Committee has been discharged) with respect to legislation for emergency reserve funds for certain military operations.
 
Prohibits consideration of an amendment to a joint budget resolution which changes the amount of budget authority and outlays set forth in the CBA for the emergency reserve fund.
 
Requires reports on legislation which provide new budget, spending, or credit authority, or otherwise provide an increase or decrease in revenues or tax expenditures, to include a CBO projection of the cost of debt servicing (interest).
 
Amends the CBA concerning: (1) CBO cost analysis (scoring) for conference reports; (2) legislation which evades specified budget enforcement mechanisms; and (3) legislation which is unreported by committee (for purposes of budget point of order rules). 
 
Amends the Rules of the House of Representatives concerning: (1) budget compliance statements (permitting inclusion of budgetary implications); (2) requirements for budget act waivers (inclusion mandatory for bill consideration); and (3) a separate vote to waive a major budget act point of order.


Legislative actions:
action_date: 2007-10-02
text: Sponsor introductory remarks on measure. (CR H11147)
action_date: 2007-06-12
text: Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-06-12
text: Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-06-12
text: Referred to the Committee on the Budget, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2007-06-12
text: Introduced in House
action_date: 2007-06-12
text: Introduced in House