H.R.5954 - Truth in Spending Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Giffords, Gabrielle [D-AZ-8] (Introduced 07/29/2010)|
|Committees:||House - Budget; Rules|
|Latest Action:||07/29/2010 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.|
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.5954 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (07/29/2010)
Truth in Spending Act of 2010 - Requires the President's annual budget request to Congress to include the most recent reports of the Director of the Office of Management and Budget (OMB) regarding the difference between the actual costs and the estimated costs of direct spending legislation, including proposed legislative language, if any, in such reports.
Requires OMB to submit annually for inclusion in the President's budget request reports (with follow-up reports every five fiscal years) on the total estimated cost and total actual cost of direct spending legislation for the then budget year and four outyears.
Requires the President, within seven days after receiving an OMB report, to submit proposed legislative language, if any, set forth in the report to both chambers.
Prescribes the procedure for fast track consideration of the legislation in both chambers.