< Back to H.R. 4825 (112th Congress, 2011–2013)

Text of the Congressional Accountability in Budgeting and Spending Act

This bill was introduced on April 26, 2012, in a previous session of Congress, but was not enacted. The text of the bill below is as of Apr 26, 2012 (Introduced).

Source: GPO

I

112th CONGRESS

2d Session

H. R. 4825

IN THE HOUSE OF REPRESENTATIVES

April 26, 2012

(for himself, Mr. Terry, Mr. Ross of Florida, and Mr. Flores) introduced the following bill; which was referred to the Committee on Rules, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To amend the Congressional Budget Act of 1974 to establish a point of order to prohibit the extension of the statutory debt limit unless a concurrent resolution on the budget has been agreed to and is in effect, Federal spending is cut and capped, and a balanced budget amendment to the constitution has been sent to the States for ratification, and for other purposes.

1.

Short title

This Act may be cited as the Congressional Accountability in Budgeting and Spending Act.

2.

Point of order against consideration of debt limit extension

(a)

In general

Title III of the Congressional Budget Act of 1974 is amended by adding at the end the following new section:

316.

Point of order against consideration of extension of statutory debt limit

(a)

Point of order against consideration of extension of statutory debt limit

It shall not be in order in the House of Representatives or the Senate to consider any bill or joint resolution, or amendment thereto or conference report thereon, to extend the statutory debt limit unless—

(1)
(A)

in the case of fiscal year 2013, the concurrent resolution on the budget for that fiscal year has been agreed to and is in effect for the fiscal year during which such measure is being considered and provides for an allocation under section 302(a) of new discretionary budget authority for fiscal year 2013 at a level not to exceed $1.027 trillion (excluding emergency spending and Overseas Contingency Operations); or

(B)

in the case of any subsequent fiscal year, a concurrent resolution on the budget has been agreed to and is in effect for the fiscal year during which such measure is being considered;

(2)

before the year referred to in paragraph (1), the budget submitted by the President to the Congress under section 1105(a) of title 31, United States Code, for any fiscal year includes a proposed budget for the Government that within 10 fiscal years would be in balance and for which—

(A)

total outlays do not exceed total receipts; and

(B)

total outlays do not exceed 21.7 percent of the estimated gross domestic product of the United States for the calendar year ending before the beginning of such fiscal year;

(3)

the Rules of the House of Representatives and the Standing Rules of the Senate require the approval of two-thirds of the Members, duly chosen and sworn, to increase Federal income tax rates;

(4)

there is a requirement that the statutory debt limit may not be raised under any circumstance while the funding for the Government is being carried out by a continuing resolution;

(5)

the Rules of the House of Representatives and the Standing Rules of the Senate prohibit the consideration of any measure deeming that a concurrent resolution on the budget has been agreed to; and

(6)

the House of Representatives and the Senate have agreed to an amendment to the Constitution of the United States requiring a balanced budget for each fiscal year.

(b)

Macroeconomic impact analysis by Congressional Budget Office

(1)

The Director of the Congressional Budget Office shall prepare for each major bill or resolution reported by any committee of the House of Representatives or the Senate for which the Director prepares an analysis under section 402 and submit to such committee a macroeconomic impact analysis of the costs which would be incurred in carrying out such bill or resolution in the fiscal year in which it is to become effective and in each of the 4 fiscal years following such fiscal year, together with the basis for such analysis. The analysis shall be included in the report accompanying such bill or resolution.

(2)

The macroeconomic impact analysis referred to in paragraph (1) shall describe the potential economic impact of the applicable major bill or resolution on major economic variables, including real gross domestic product, business investment, the capital stock, employment, interest rates, and labor supply. The analysis shall also describe the potential fiscal effects of the bill or resolution, including any estimates of revenue increases or decreases resulting from changes in gross domestic product. To the extent practicable, the analysis should use a variety of economic models in order to reflect the full range of possible economic outcomes resulting from the bill or resolution. The analysis (or a technical appendix to the analysis) shall specify the economic and econometric models used, sources of data, relevant data transformations, and shall include such explanation as is necessary to make the models comprehensible to academic and public policy analysts.

(c)

Waivers

Subsection (a) may be waived or suspended in the House of Representatives or the Senate only by the affirmative vote of two-thirds of its Members, duly chosen and sworn.

(d)

Appeals

An affirmative vote of two-thirds of the Members, duly chosen and sworn, shall be required in the Senate to sustain an appeal of the ruling of the Chair on a point of order under subsection (a).

.

(b)

Conforming amendment

The table of contents set forth in section 1(b) of the Congressional Budget and Impoundment Control Act of 1974 is amended by inserting after the item relating to section 315 the following new item:

Sec. 316. Point of order against consideration of extension of statutory debt limit.

.

3.

Definitions

Section 3 of the Congressional Budget and Impoundment Control Act of 1974 is amended by adding at the end the following new paragraphs:

(12)

The term macroeconomic impact analysis means—

(A)

an estimate of the changes in economic output, employment, interest rates, capital stock, and tax revenues expected to result from enactment of the proposal;

(B)

an estimate of revenue feedback expected to result from enactment of the proposal; and

(C)

a statement identifying the critical assumptions and the source of data underlying that estimate.

(13)

The term major bill or resolution means any bill or resolution if the gross budgetary effects of such bill or resolution for any fiscal year in the period for which an estimate is prepared under section 316 is estimated to be greater than .25 percent of the current projected gross domestic product of the United States for any such fiscal year.

(14)

The term budgetary effect, when applied to a major bill or resolution, means the changes in revenues, outlays, deficits, and debt resulting from that measure.

(15)

The term revenue feedback means changes in revenue resulting from changes in economic growth as the result of the enactment of any major bill or resolution.

.

4.

Sequestration and directive to the Committee on the Budget of the House of Representatives

(a)

Sequestration

(1)

Submissions of spending reduction

Not later than April 27, 2012, the House committees named in paragraph (2) shall submit recommendations to the Committee on the Budget of the House of Representatives. After receiving those recommendations, such committee shall report to the House a reconciliation bill carrying out all such recommendations without substantive revision.

(2)

Instructions

(A)

Committee on Agriculture

The Committee on Agriculture shall submit changes in laws within its jurisdiction sufficient to reduce the deficit by $8,200,000,000 for the period of fiscal years 2012 and 2013; by $19,700,000,000 for the period of fiscal years 2012 through 2017; and by $33,200,000,000 for the period of fiscal years 2012 through 2022.

(B)

Committee on Energy and Commerce

The Committee on Energy and Commerce shall submit changes in laws within its jurisdiction sufficient to reduce the deficit by $3,750,000,000 for the period of fiscal years 2012 and 2013; by $28,430,000,000 for the period of fiscal years 2012 through 2017; and by $96,760,000,000 for the period of fiscal years 2012 through 2022.

(C)

Committee on Financial Services

The Committee on Financial Services shall submit changes in laws within its jurisdiction sufficient to reduce the deficit by $3,000,000,000 for the period of fiscal years 2012 and 2013; by $16,700,000,000 for the period of fiscal years 2012 through 2017 and by $29,800,000,000 for the period of fiscal years 2012 through 2022.

(D)

Committee on the Judiciary

The Committee on the Judiciary shall submit changes in laws within its jurisdiction sufficient to reduce the deficit by $100,000,000 for the period of fiscal years 2012 and 2013; by $11,200,000,000 for the period of fiscal years 2012 through 2017; and by $39,700,000,000 for the period of fiscal years 2012 through 2022.

(E)

Committee on Oversight and Government Reform

The Committee on Oversight and Government Reform shall submit changes in laws within its jurisdiction sufficient to reduce the deficit by $2,200,000,000 for the period of fiscal years 2012 and 2013; by $30,100,000,000 for the period of fiscal years 2012 through 2017; and by $78,900,000,000 for the period of fiscal years 2012 through 2022.

(F)

Committee on Ways and Means

The Committee on Ways and Means shall submit changes in laws within its jurisdiction sufficient to reduce the deficit by $1,200,000,000 for the period of fiscal years 2012 and 2013; by $23,000,000,000 for the period of fiscal years 2012 through 2017; and by $53,000,000,000 for the period of fiscal years 2012 through 2022.

(b)

Directive to the Committee on the Budget of the House of Representatives To replace the sequester established by the Budget Control Act of 2011

(1)

Submission

In the House, the Committee on the Budget shall report to the House a bill carrying out the directions set forth in paragraph (2).

(2)

Directions

The bill referred to in paragraph (1) shall include the following provisions:

(A)

Replacing the sequester established by the Budget Control Act of 2011

The language shall amend section 251A of the Balanced Budget and Emergency Deficit Control Act of 1985 to replace the sequester established under that section consistent with this bill.

(B)

Application of provisions

The bill referred to in paragraph (1) shall include language making its application contingent upon the enactment of the reconciliation bill referred to in subsection (a).