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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 Dec 21, 2017.
Truth in Spending Act of 2017
This bill requires the Office of Management and Budget (OMB) to submit to the President, for inclusion in the President's annual budget submission, specified reports regarding the difference between the actual costs of direct spending legislation and the costs that were estimated by the Congressional Budget Office and the OMB. (Direct spending, also known as mandatory spending, is spending provided by laws other than appropriations Acts.)
If the actual total cost of the direct spending legislation exceeds the estimated total cost, the report must also include proposed legislative language to eliminate the excess cost.
Within seven days of receiving a report from the OMB, the President must submit to Congress any proposed legislative language included in the report. Congress must then consider the proposed legislation using specified expedited legislative procedures.
The budgetary effects of legislation considered pursuant to this bill may not be entered on the Pay-As-You-Go (PAYGO) scorecards maintained under the Statutory Pay-As-You-Go Act of 2010.