H.R. 476: GAAP Act

Introduced:
Feb 04, 2013 (113th Congress, 2013–2015)
Sponsor:
Rep. Phil Gingrey [R-GA11]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was assigned to a congressional committee on February 4, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Feb 04, 2013
Referred to Committee Feb 04, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

6% chance of getting past committee.
2% chance of being enacted.

Only 11% of House bills made it past committee and only 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
2 cosponsors (2R) (show)
Committees

House Budget

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend title 31, United States Code, to require the President to submit with the budget an estimate of the deficit using generally accepted accounting principles, and to amend the Congressional Budget Act of 1974 to require the Congressional Budget Office to submit the same with its report to the Committees on the Budget of the House of Representatives and the Senate.

Summary

No summaries available.

Text

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Last updated Feb 04, 2013.
3 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/4/2013--Introduced.
Generally Accepted Accounting Principles Act or GAAP Act - Requires the President's budget submission to include an estimate of the deficit or surplus for the fiscal year concerned, prepared using generally accepted accounting principles.
Amends the Congressional Budget Act of 1974 to require the alternative levels of total revenues, total new budget authority, and total outlays (including related surpluses and deficits) covered by the annual Congressional Budget Office (CBO) fiscal policy report to the congressional budget committees on the upcoming fiscal year to be prepared using both cash basis accounting and generally accepted accounting principles.

House Republican Conference Summary

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House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)