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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 6, 2017.
Federal Budget Accountability Act
This bill requires the Office of Management and Budget (OMB) to report annually to Congress on the effect of provisions of legislation for the previous congressional session that were enacted to offset or pay for the costs of carrying out the legislation, including provisions that increase revenue, rescind budget authority, or reduce direct spending.
The OMB must also establish and report to Congress on a system to track the accuracy of the offsets and pay-fors. (Under the bill, an "offset and pay-for" is an estimate by the Congressional Budget Office for a provision of legislation that reduces spending, increases revenue, or reduces the deficit.)