Fiscal Responsibility Act

Summary

Fiscal Responsibility Act - States that it is the purpose of this Act to provide for more certainty and expedience in the Federal budgetary process by establishing a procedure by which a total limit on Federal expenditures may be set for each fiscal year, by effecting certain reforms in the approporiations process, and by limiting Presidential impoundment authority. Establishes a permanent Joint Committee on the Budget to prepare and transmit to Congress a Congressional budget for the ensuing fiscal year based upon the annual report transmitted to the joint committee by the Comptroller General and to report to the Congress a bill setting forth a total limit on the amount of expenditures and expenditure authority which may be established for made by the Federal Government. Requires that if this bill is not passed by March 1 of each year, Congress shall remain in session until the bill is passed. Provides that neither House of Congress shall adjourn or recess after June 30 of each year until all general appropriation bills and resolutions for the operation of each Federal Government and the Government of the District of Columbia are enacted for the ensuing fiscal year. Authorizes the President to impound funds only in those fiscal years in which Congress has enacted a bill on joint resolution appropriating a sum, the expenditure of which would cause the total amount of Federal expenditures to exceed the limit established for such fiscal year. Requires that the President state in a message to Congress his reasons and priorities for impoundment when impoundments exceed 10 percent of the total budget of any program for which Congress appropriated funds. Provides for the appointment of the Director and Deputy Director of the Office of Management and Budget by the President, with the advice and consent of the Senate.

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1 official file

• Introduced in House

  summary · EN · 30 April 1973

  Open at official source

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