3.0.0 1651 2023-01-11T13:22:00Z 2023-01-11T13:22:00Z Senate S S 2011-10-04 112 ssbu00 Budget Committee Senate Standing Referred to 2011-10-04T19:25:32Z Honest Budget Act 112 3414 HR 2011-11-14 Referred to the Committee on the Budget, and in addition to the Committees on Rules, and Oversight and Government Reform, 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 Budget and Accounting Transparency Act of 2012 112 3581 HR 2012-02-09 Received in the Senate and Read twice and referred to the Committee on the Budget. Related bill CRS Honest Budget Act of 2012 112 3844 HR 2012-02-02 Sponsor introductory remarks on measure. (CR H383, E119-120) Related bill CRS 2011-10-04 ssbu00 Budget Committee Senate Read twice and referred to the Committee on the Budget. IntroReferral 2011-10-04 Introduced in Senate IntroReferral 10000 9 Library of Congress S001141 Sen. Sessions, Jeff [R-AL] Jeff Sessions R AL N S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2011-10-04 True A000368 Sen. Ayotte, Kelly [R-NH] Kelly Ayotte R NH 2011-10-11 False A000360 Sen. Alexander, Lamar [R-TN] Lamar Alexander R TN 2011-10-11 False C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA 2011-10-17 False B001135 Sen. Burr, Richard [R-NC] Richard Burr R NC Mauze 2011-10-19 False C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2011-10-19 False E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. 2011-10-19 False J000293 Sen. Johnson, Ron [R-WI] Ron Johnson R WI 2011-10-20 False P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2011-10-31 False L000577 Sen. Lee, Mike [R-UT] Mike Lee R UT 2011-11-02 False P000603 Sen. Paul, Rand [R-KY] Rand Paul R KY 2011-11-02 False B001261 Sen. Barrasso, John [R-WY] John Barrasso R WY 2011-11-08 False C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2011-11-08 False M000303 Sen. McCain, John [R-AZ] JOHN MCCAIN R AZ SIDNEY 2011-11-08 False I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2011-11-08 False B001268 Sen. Brown, Scott P. [R-MA] Scott Brown R MA P. 2011-11-08 False C001071 Sen. Corker, Bob [R-TN] Bob Corker R TN 2011-11-10 False J000291 Sen. Johanns, Mike [R-NE] Mike Johanns R NE 2011-11-10 False H001016 Sen. Hutchison, Kay Bailey [R-TX] KAY HUTCHISON R TX BAILEY 2011-11-10 False B001236 Sen. Boozman, John [R-AR] John Boozman R AR 2011-11-15 False C000542 Sen. Coats, Daniel [R-IN] DANIEL COATS R IN RAY 2011-12-05 False Economics and Public Finance Appropriations Budget deficits and national debt Budget process Government employee pay, benefits, personnel management Government lending and loan guarantees Government trust funds Legislative rules and procedure Roads and highways Senate Transportation programs funding Economics and Public Finance 00 2011-10-04 Introduced in Senate 2012-02-14T18:49:39Z Honest Budget Act - Amends procedures in the Congressional Budget Act of 1974 (CBA) that make it out of order in the Senate to consider appropriations legislation until the Senate agrees to a concurrent resolution on the budget. Permits waivers or suspension of such requirements, or successful appeals from a ruling of the Chair, by an affirmative vote of three-fifths (60) of the Senate.

Declares that it shall not be in order in the Senate to consider certain bills, joint resolutions, or conference reports that designate as an emergency requirement any provision that creates discretionary or direct spending or decreases revenues. Requires an affirmative vote of three-fifths (60) of the Senate to successfully appeal from a ruling of the Chair on a point of order against such a measure.

Establishes a procedure for emergency designations by amendment.

Amends the Federal Credit Reform Act of 1990 (FCRA) to revise the budgetary treatment of federal direct loans and loan guarantees to account for them on a fair value basis (currently, a FCRA accrual basis).

Expands such new budgetary treatment to financial investments beginning in FY2015. Defines "financial investment" as a federal government investment in any securities (debt or equity) or futures, swaps, or other derivatives, issued by a non-federal entity, regardless of whether the issuances are federally guaranteed, or issued by a federal entity if the issuance consists of marketable securities.

Requires the President's budget: (1) from FY1992 on to reflect the Treasury discounting component of direct loan and loan guarantee programs; and (2) from FY2015 on to reflect the costs of direct loan, loan guarantee, and financial investment programs.

Defines "Treasury discounting component" as the estimated long-term cost to the federal government of a direct loan, loan guarantee, or financial investment calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays.

Revises other requirements for the President's budget including conditions for new direct loan obligations incurred and loan guarantee commitments made for FY1992 and thereafter, and new financial investment commitments for FY2015 and thereafter. Requires new budget authority for such loans or loan guarantee or financial investment commitments to be provided in advance in an appropriations Act.

Exempts a direct loan or loan guarantee program that constitutes an entitlement (such as the guaranteed student loan program or the veteran's home loan guaranty program) as well as all existing credit programs of the Commodity Credit Corporation (CCC) from: (1) the above requirement; and (2) the prohibition against modification of an outstanding direct loan, loan guarantee, or financial investment in a manner that increases its costs unless budget authority for the additional cost has been provided in advance in an appropriations Act.

Revises requirements for Treasury transactions with financing accounts (nonbudget accounts associated with each program account which holds balances, receives the cost payment from the program account, and also includes all other cash flows to and from the federal government resulting from such obligations or commitments made on or after October 1, 1991).

Limits the availability of amounts in liquidating accounts to specified payments resulting from direct loan obligations or loan guarantee commitments made before October 1, 1991.

Prescribes requirements for consideration of legislation after agreement on a budget resolution (in effect, extending a point of order against certain changes in mandatory programs to all such programs in appropriations bills).

Prohibits the congressional budget committees from counting rescissions of budget authority that do not result in outlay savings over the period covered by a budget resolution when determining the levels of new budget authority, outlays, direct spending, new entitlement authority, and revenues for a fiscal year.

Suspends within-grade step increases in the compensation of certain federal employees from the date of enactment of this Act until December 31, 2012.

Makes it out of order in the Senate to consider any legislation that would provide an advance appropriation, except for employment training, education programs, Head Start, rental assistance, the Corporation for Public Broadcasting, and veterans' medical services. Allows waiver of this rule by a vote of three-fifths (60) of the Senate.

Prohibits shifts in outlays or revenues from one year to another by a date change to act as an offset for other provisions that increase the deficit for a time period.

Prescribes a budget scoring rule for transfers from the Treasury General Fund to the Highway Trust Fund that increase the level of indebtedness subject to the current applicable statutory public debt limit.

]]> Honest Budget Act Display Title Honest Budget Act Official Title as Introduced A bill to provide for greater transparency and honesty in the Federal budget process. Introduced in Senate IS Short Titles as Introduced Honest Budget Act Introduced in Senate 2011-10-04T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1651is/xml/BILLS-112s1651is.xml 2011-10-04 Read twice and referred to the Committee on the Budget. 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.