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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 Jun 21, 2017.
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 determine and submit to the Speaker of the House of Representatives or the President pro tempore of the Senate a certification as to whether that chamber has adopted a balanced budget.
"Balanced budget" means a concurrent budget resolution providing that for FY2027 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 gross domestic product for such fiscal year.
If OMB does not certify that a chamber has adopted a balanced budget for FY2018 before July 28, 2017, the payroll administrator of each chamber must deposit in an escrow account all payments for compensation of Members of Congress serving in that chamber otherwise required beginning on such date. Such deposits shall be released to such Members on the earlier of: (1) the day on which OMB certifies that the chamber has adopted a balanced budget for FY2018, or (2) the last day of the 115th Congress.
The same requirements shall apply for FY2019 if OMB does not certify that a chamber has adopted a balanced budget for FY2019 before April 16, 2018.
If OMB does not certify that a chamber has adopted a balanced budget for FY2020, or any succeeding fiscal year, before April 16 of the prior fiscal year, each Member of that chamber shall be paid $1 annually for pay periods beginning on April 16 of the prior fiscal year and ending on the earlier of:
the date on which OMB certifies that the chamber has adopted a balanced budget for such fiscal year, or the last day of the same calendar year in which such period begins. This bill requires legislation in the House and Senate that increases revenue to be agreed upon only by an affirmative vote of three-fifths of the Members of that chamber.