Summary: H.R.903 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.903. Bill summaries are authored by CRS.

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Introduced in House (02/17/2005)

Fiscal Honesty and Accountability Act of 2005 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to extend pay-as-you-go requirements through FY 2010.

Extends through FY 2009 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 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 Congressional Budget Act of 1974 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 Congressional Budget Office (CBO) projection of the cost of debt servicing (interest).

Amends the Congressional Budget Act of 1974 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.