H.R.4713 - Truth in Spending Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Kinzinger, Adam [R-IL-16] (Introduced 12/21/2017)|
|Committees:||House - Budget; Rules|
|Latest Action:||House - 12/21/2017 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. (All Actions)|
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Summary: H.R.4713 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (12/21/2017)
Truth in Spending Act of 2017
This bill requires the Office of Management and Budget (OMB) to submit to the President, for inclusion in the President's annual budget submission, specified reports regarding the difference between the actual costs of direct spending legislation and the costs that were estimated by the Congressional Budget Office and the OMB. (Direct spending, also known as mandatory spending, is spending provided by laws other than appropriations Acts.)
If the actual total cost of the direct spending legislation exceeds the estimated total cost, the report must also include proposed legislative language to eliminate the excess cost.
Within seven days of receiving a report from the OMB, the President must submit to Congress any proposed legislative language included in the report. Congress must then consider the proposed legislation using specified expedited legislative procedures.
The budgetary effects of legislation considered pursuant to this bill may not be entered on the Pay-As-You-Go (PAYGO) scorecards maintained under the Statutory Pay-As-You-Go Act of 2010.