H.R. 1302 (112th): Transparent and Sustainable Budget Act of 2011

Introduced:
Mar 31, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Mike Quigley
Representative for Illinois's 5th congressional district
Party
Democrat
Text
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Last Updated
Mar 31, 2011
Length
32 pages
Related Bills
H.R. 5752 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Jul 15, 2010

H.R. 3669 (Related)
Budget Process Improvement Act of 2011

Referred to Committee
Last Action: Dec 14, 2011

 
Status

This bill was introduced on March 31, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 31, 2011
Referred to Committee Mar 31, 2011
 
Full Title

To make the Federal budget process more transparent and to make future budgets more sustainable.

Summary

No summaries available.

Cosponsors
4 cosponsors (4D) (show)
Committees

House Rules

House Budget

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


3/31/2011--Introduced.
Transparent and Sustainable Budget Act of 2011 - Amends the Internal Revenue Code to require the Secretary of the Treasury to provide via U.S. mail a tax receipt, with specified information on spending categories, to each individual taxpayer who filed an income tax return for the preceding taxable year.
Amends Rule XXI (Restrictions on Certain Bills) of the House of Representatives to restore Pay-As-You-Go (PAYGO) requirements. (Thus repeals certain Cut-As-You-Go (CUTGO) requirements.)
Eliminates the authority of the chairman of the House Budget Committee to unilaterally set spending limits.
Amends the Congressional Budget Act of 1974 to require: (1) the Director of the Congressional Budget Office (CBO) to include a descriptive analysis for the second decade budget impact of a measure when submitting a cost estimate of it, and (2) the Joint Committee on Taxation (JCT) to provide such an analysis when it submitting revenue estimates to CBO.
Requires CBO and the JCT to provide a net present value estimate for costs outside the first 10-year budget window for such a cost or revenue estimate.
Requires the Office of Management and Budget (OMB) to publish a report on the size, scope, risk, and cost of the contingent federal liabilities, including the implicit guarantees to government sponsored enterprises (GSEs) such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Requires OMB to: (1) develop a proposal for the implementation of an accrual-based accounting system for certain portions of the budget, and (2) report to Congress on legislation necessary to implement such system.
Requires the President's annual budget to include: (1) a score card of progress in meeting specified debt and deficit reduction targets, (2) a plan for long-term fiscal sustainability, (3) an OMB supplemental report of the federal nonbudgeted fiscal exposures, and (4) explicit goals for carrying out the long-term fiscal sustainability plan.
Amends the CBA to require the congressional budget resolution to contain such scorecard and plan.
Requires OMB to issue publicly, including on its Web site, a Quadrennial Fiscal Sustainability Report.
Prescribes requirements for a presidential address to a joint session of Congress on long-term fiscal sustainability of the government.
Modifies the JCT reports to Congress identifying tax expenditures.
Amends the Congressional Budget and Impoundment Control Act of 1974 to define "tax subsidy" as those tax expenditures that are deliberately inconsistent with an identifiable general rule of the present tax law, and that collect less revenue than such rule.
Amends the CBA to make it out of order in both chambers to consider any legislation reported by the House Committee on Ways and Means or the Senate Committee on Finance that proposes to amend the Code to establish a new tax expenditure, unless the committee report includes specified information.
Makes it out of order in both chambers to consider such legislation: (1) unless the tax expenditure terminates within 10 years, or (2) if it is extending an existing tax expenditure for more than 10 years.
Requires the Secretary to conduct performance reviews of JCT identified tax expenditures on an ongoing basis.
Requires the Comptroller General to assess improvements the Internal Revenue Service (IRS) could make to facilitate the evaluation of tax expenditures.
Requires OMB to develop clear and consistent guidance to agencies on how to incorporate tax expenditures in their strategic plans, annual performance plans, and performance and accountability reports, to provide a broader perspective and more cohesive plan of the government's goals and strategies.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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