Fiscal Responsibility Act

Summary

Fiscal Responsibility Act - States the findings of Congress. Delcares it to be the intent of Congress to require the President to submit to the Congress and to see that the Congress enacts a budget in which nontrust fund expenditures do not exceed revenues received by the Government from nontrust fund sources. Title I: Submission of Balanced Budget - Requires that the President shall submit a budget in which nontrust fund expenditures do not exceed nontrust fund revenues for each fiscal year, except as provided in this Act. Title II: Senate Ceilings on Appropriations Bills - Directs the chairman of each subcommittee of the Committee on Appropriations of the Senate to report to the chairman of the committee the total amount of new budget authority which he anticipates will be provided in the regular appropriation bill to be reported by his subcommittee for such fiscal year. Directs the chairman to inform the Senate of the amount of new budget authority reported by the chairman of each subcommittee and the total of all such amounts. Provides procedures for the reduction of appropriations bills when subcommittee ceilings and committee ceilings are violated. Title III: Change of Fiscal Year - Provides that the fiscal year of the Treasury of the United States: (1) shall, through June 30, 1974, commence on July 1 of each year and end on June 30 of the following year; (2) shall for the period commencing July 1, 1974, and ending on December 31, 1974, be for such period; and (3) shall, beginning on January 1, 1975, commence on January 1 of each year and end on December 31 of that same year. Authorizes additional appropriations for projects which did not expire prior to June 30, 1974. Revises the procedures for transmittal of budget and expenditure expenses. Provides for the conversion of authorizations of appropriations to conform with the provisions of this Act. Makes technical and conforming amendments.

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1 official file

• Introduced in Senate

  summary · EN · 7 November 1973

  Open at official source

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