Congressional Accountability in Budgeting and Spending Act

Summary

Congressional Accountability in Budgeting and Spending Act - Amends the Congressional Budget Act of 1974 to make it out of order in the House of Representatives or the Senate to consider any legislation to extend the statutory debt limit unless: (1) for FY2013 the concurrent budget resolution has been agreed to and is in effect, providing for an allocation of new discretionary budget authority for FY2013 of no more than $1.027 trillion (excluding emergency spending and Overseas Contingency Operations); (2) for subsequent fiscal years a concurrent budget resolution has been agreed to and is in effect; (3) for any fiscal year before FY2013 the President's budget request proposes a balanced budget within 10 fiscal years in which total outlays do not exceed 21.7% of the prior year's estimated U.S. gross domestic product (GDP); (4) House and Senate Rules require two-thirds approval to increase federal income tax rates and prohibit consideration of any measure deeming that a budget resolution has been agreed to; (5) any raising of the debt limit is prohibited while the government is being funded by a continuing resolution; and (6) Congress has agreed to a balanced budget amendment to the Constitution. Requires the Director of the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee a macroeconomic impact analysis of the costs of such legislation for: (1) the fiscal year in which the measure is to become effective, and (2) in each of the four following fiscal years. Permits waiver or suspension of this requirement only by a two-thirds vote in the House or the Senate. Defines "major bill or resolution" as any bill or resolution whose budgetary effects, for any fiscal year in the period for which a CBO cost estimate is prepared, is estimated to be greater than .25% of the current projected U.S. GDP for that fiscal year. Requires the analysis to describe: (1) the potential economic impact of the measure on major economic variables, including real GDP, business investment, the capital stock, employment, interest rates, and labor supply; and (2) the potential fiscal effects of the measure, including any estimates of revenue increases or decreases resulting from changes in GDP. Requires certain House committees to submit recommendations to the Committee on the Budget, which shall report to the House a reconciliation bill carrying them out without substantive revision. Directs the Committee on the Budget to report to the House a bill to amend the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to replace the sequester established by the Budget Control Act of 2011.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 April 2012

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 April 2012

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 26 April 2012

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.