Balanced Budget Accountability Act

Summary

Balanced Budget Accountability Act This bill requires the Office of Management and Budget (OMB), upon adoption by a chamber of Congress of a concurrent budget resolution for a fiscal year, to certify to the Speaker of the House of Representatives or the President pro tempore of the Senate whether that chamber has adopted a balanced budget. Balanced budget means a concurrent budget resolution providing that for FY2033 and each succeeding fiscal year to which the resolution applies total outlays do not exceed total receipts and are not more than 18% of the projected domestic product for such fiscal year. The bill requires the salary of Members of Congress to be held in escrow if OMB determines a chamber has not adopted a balanced budget for FY2024 before April 16, 2023, and for FY2025 before April 16, 2024. The bill also provides for the release of these funds to the Members. Beginning in FY2026, if OMB does not certify that a chamber has adopted a balanced budget before April 16 of the prior fiscal year, each Member of that chamber shall be paid at the rate of $1 annually for pay periods after that date in the same calendar year. The bill also requires that legislation in either chamber to increase revenue be agreed upon by an affirmative vote of three-fifths of the Members of that chamber.

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Timeline

1. 23 January 2023

   Introduced

   Read twice and referred to the Committee on Homeland Security and Governmental Affairs.

   Source: IntroReferral

2. 23 January 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 23 January 2023 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 January 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 January 2023

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 23 January 2023

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Daines, Steve [R-MT] · R · Sponsor
• Sen. Schmitt, Eric [R-MO] · R · Cosponsor
• · ssga00 · Standing

Related records

• related to → No Budget, No Pay Act
• related to ← Balanced Budget Accountability Act