Summary: H.R.4175 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.4175. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/04/1975)

Fiscal Integrity Act - Revises the Congressional Budget and Impoundment Control Act to define the term "Federal revenue and budget outlay limit" to be the amount derived through a specified series of mathematical formulas.

Prohibits the concurrent resolution on the budget from including any provision which exceeds the Federal revenue and budget outlay limit.

Requires that each House include in its report to its House a comparison of estimated budget authority as set forth by the President and by the concurrent resolution.

Prohibits amendment of the concurrent resolution during consideration by the Senate or the House of Representatives which exceeds the Federal revenue and budget outlay limit.

Requires that the impact of new budget authority and budget outlays, and a projection for the next five fiscal years of the impact of new tax expenditures on the Federal revenue and outlay limit be included in a statement accompanying a bill or resolution reported by a committee of either House.

Requires the Director of the Congressional Budget Office to include in his five-year projection report, the concomitant predicted Federal revenue and budget outlay limits for each fiscal year.

Prohibits a concurrent resolution from being reported at any time which increases total revenues or the budget outlay limit unless such limit has been suspended pursuant to this Act.

Prohibits Congress from making any appropriation for any fiscal year in excess of the Federal revenue and budget outlay limit. Provides for the reduction of the public debt by any revenue which exceeds such limit during any fiscal year.

Permits the suspension of the revenue and budget outlay limit by the declaration of a fiscal emergency through the passage of a concurrent resolution approved by two-thirds of the members present in each House.

Requires that all bills of a public or private character introduced in either House of Congress have printed at the bottom of the first page a fiscal note which States the amounts likely to be the costs and savings achieved in the implementation of a bill.