Federal Budget Accountability Act

Bill: 115-hr-1999
Sponsor: full_name: Rep. Buck, Ken [R-CO-4]
Introduced: 2017-04-06
Policy area: Economics and Public Finance
Subjects: Budget deficits and national debt

Budget process

Congressional oversight

Government information and archives
Latest action: action_date: 2017-04-06
text: Referred to the House Committee on the Budget.

Summaries:
action_date: 2017-04-06
action_desc: Introduced in House
text: <p><b>Federal Budget Accountability Act </b></p> <p>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. </p> <p>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 &quot;offset and pay-for&quot; is an estimate by the Congressional Budget Office for a provision of legislation that reduces spending, increases revenue, or reduces the deficit.) </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 1999 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.

1. Short title This Act may be cited as the Federal Budget Accountability Act . 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.