3.0.0 4825 2022-03-02T05:33:29Z 2022-03-02T05:33:29Z House H HR 2012-04-26 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. SULLIVAN:H.R. 4825.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1``The Congress shall have Power . . . To lay and collectTaxes, Duties, Imposts and Excises, to pay the Debts andprovide for the common Defense and general Welfare of theUnited States; but all Duties, Imposts and Excises shall beuniform throughout the United States.''Article V``The Congress shall have power . . . whenever two thirdsof both Houses shall deem it necessary, shall proposeAmendments to this Constitution, or, on the Application ofthe Legislatures of two thirds of the several States, shallcall a Convention for proposing Amendments, which in eitherCase, shall be valid to all Intents and Purposes, as Part ofthis Constitution, when ratified by the Legislatures of threefourths of the several States or by Conventions in threefourths thereof, as the one or the other Mode of Ratificationmay be proposed by the Congress; Provided that no Amendmentwhich may be made prior to the Year One thousand eighthundred and eight shall in any Manner affect the first andfourth Clauses in the Ninth Section of the first Article; andthat no State, without its Consent, shall be deprived of itsequal Suffrage in the Senate.''[Page H2207]]]> hsbu00 Budget Committee House Standing Referred to 2012-04-26T14:05:20Z hsru00 Rules Committee House Standing Referred to 2012-04-26T14:05:15Z Budget Before Borrowing Act of 2012 112 3778 HR 2012-01-18 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. Related bill CRS 2012-04-26 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. IntroReferral H11100 2 House floor actions hsbu00 Budget Committee 2012-04-26 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. IntroReferral H11100 2 House floor actions hsru00 Rules Committee 2012-04-26 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-04-26 Introduced in House IntroReferral 1000 9 Library of Congress S001155 Rep. Sullivan, John [R-OK-1] John Sullivan R OK 1 N T000459 Rep. Terry, Lee [R-NE-2] LEE TERRY R NE 2 2012-04-26 True R000593 Rep. Ross, Dennis A. [R-FL-12] Dennis Ross R FL A. 12 2012-04-26 True F000461 Rep. Flores, Bill [R-TX-17] Bill Flores R TX 17 2012-04-26 True Economics and Public Finance Appropriations Budget deficits and national debt Budget process Congressional oversight Constitution and constitutional amendments Economic performance and conditions House of Representatives Income tax rates Legislative rules and procedure Senate Economics and Public Finance 00 2012-04-26 Introduced in House 2012-06-28T15:51:35Z Congressional Accountability in Budgeting and Spending Act - Amends the Congressional Budget Act of 1974 to make it out of order in the House of Representatives or the Senate to consider any legislation to extend the statutory debt limit unless: (1) for FY2013 the concurrent budget resolution has been agreed to and is in effect, providing for an allocation of new discretionary budget authority for FY2013 of no more than $1.027 trillion (excluding emergency spending and Overseas Contingency Operations); (2) for subsequent fiscal years a concurrent budget resolution has been agreed to and is in effect; (3) for any fiscal year before FY2013 the President's budget request proposes a balanced budget within 10 fiscal years in which total outlays do not exceed 21.7% of the prior year's estimated U.S. gross domestic product (GDP); (4) House and Senate Rules require two-thirds approval to increase federal income tax rates and prohibit consideration of any measure deeming that a budget resolution has been agreed to; (5) any raising of the debt limit is prohibited while the government is being funded by a continuing resolution; and (6) Congress has agreed to a balanced budget amendment to the Constitution.

Requires the Director of the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee a macroeconomic impact analysis of the costs of such legislation for: (1) the fiscal year in which the measure is to become effective, and (2) in each of the four following fiscal years. Permits waiver or suspension of this requirement only by a two-thirds vote in the House or the Senate.

Defines "major bill or resolution" as any bill or resolution whose budgetary effects, for any fiscal year in the period for which a CBO cost estimate is prepared, is estimated to be greater than .25% of the current projected U.S. GDP for that fiscal year.

Requires the analysis to describe: (1) the potential economic impact of the measure on major economic variables, including real GDP, business investment, the capital stock, employment, interest rates, and labor supply; and (2) the potential fiscal effects of the measure, including any estimates of revenue increases or decreases resulting from changes in GDP.

Requires certain House committees to submit recommendations to the Committee on the Budget, which shall report to the House a reconciliation bill carrying them out without substantive revision.

Directs the Committee on the Budget to report to the House a bill to amend the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to replace the sequester established by the Budget Control Act of 2011.]]>

Congressional Accountability in Budgeting and Spending Act Short Titles as Introduced Congressional Accountability in Budgeting and Spending Act Display Title Congressional Accountability in Budgeting and Spending Act Official Title as Introduced 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. Introduced in House 2012-04-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr4825ih/xml/BILLS-112hr4825ih.xml 2012-04-26 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. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.